Finance Ministry empowers treasury to collect two more taxes

COLOMBO (News 1st); The Finance Ministry has published a bill empowering the treasury to collect two taxes in a Special Goods and Services Tax Bill.

This includes the proposed Special Goods and Services Tax and the revised Value Added Tax.

Accordingly, the tax should be paid for liquor, cigarettes, vehicles, telecommunications, betting and gaming, and the tax will be collected by a unit set-up under a Deputy Secretary to the Treasury.

The practice of institutions such the Excise, Customs, Airport and Port collecting taxes will be amended with the new system.

The Finance Ministry also published a bill on increasing Value Added Taxes.

Accordingly, VAT will be increased from 15% to 18%.

These bills have been published in line with the proposals set out in the 2022 budget.