manusath-derana

Several tax concessions announced by new cabinet

November, 27, 2019

Sri Lanka’s new government has decided to abolish some taxes including the Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax , Withholding Tax on interests, the Co-Cabinet Spokesperson Minister Bandula Gunawardana said.

He stated this addressing the first press briefing to announce the Cabinet decisions of the new government this evening (27).

The Cabinet has further decided to reduce the telecommunications levy by 25% and the income tax on the construction industry has been reduced from 28% to 14%.

The Cabinet also announced that all religious places are exempted from taxes.