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No foreign transaction tax for educational purposes

The government announced that foreign transactions made using credit and debit cards for educational purposes would be exempt from the 3.5 percent nation building tax that the Budget had imposed.

Finance Minister Mangala Samaraweera made the change shortly before the final vote  was taken on the Budget Bill in Parliament.

He also changed the wording on the clause granting tax exemption to the import of electric vehicles. Earlier the clause gave exemption to electric cars with a capacity up to 100 kilowatts. This has been changed to from 100 to 200 kilowatts.

The 100 kilowatt cap would have excluded many electric cars now being imported into the country.

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