ECONOMYNEXT – Sri Lanka will cut excise taxes on small trucks by 300,000 rupees and motorcycles by between 50,000 and 90,000 as part of a programme to boost youth entrepreneurship, Finance Minister Mangala Samaraweera said.
An excise tax on small trucks and single cabs will be cut from the current 1 million rupees to 700,000 rupees.
A 90 percent tax on motorcycles below 150 cubic centimetre capacity engines will be removed. A new excise duty based on engine capacity will be imposed.
Sri Lanka will also cut a 10 percent tax on data telecom from September.
A series of subsidized credit schemes will also be made available to boost youth entrepreneurship.
The interest subsidy will cost 4.5 billion rupees, which has already been built in to the budget. (Colombo/Aug17/2017)