Written by Staff Writer
19 Feb, 2020 | 6:50 pm
Colombo (News 1st) – The Committee on Public Finance has given consent to submit three bills to Parliament tomorrow.
The Committee which convened a meeting at the Parliamentary Complex yesterday had consented the submission of the Nation Building Tax (Amendment) Bill, Economic Service Charge (Amendment) Bill, and Ports and Airport Development (Amendment) Bill.
The approval of the Nation Building Tax (Amendment) Bill would mean that Nation Building Taxes will not be imposed after the 31st of December 2019. Further, the approval of the Economic Service Charge (Amendment) Bill would see that the Economic Service Charge tax would be applicable for quarterly assessments carried out before January 1st, 2020.
In addition, the Ports and Airport Development (Amendment) Bill would see a revision in the taxes imposed on imported products in respect of the cost, insurance, and freight value of the product.
The tax revision rates based on the time period in which the products were imported would be as follows:
– 5 % from January 1st, 2011 to December 31st, 2015
– 7.5 % from January 1st, 2016 to December 5th, 2019
– 10 % on and after December 6th 2019.
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