Sri Lanka public finance committee clears NBT, PAL, ESC tax changes

ECONOMYNEXT – The public finance committee of Sri Lanka’s parliament has given the nod to change to a laws relating to Nation Building Tax, Economic Service Charge and the Ports and Airport Levy, the media office of the house said.

Sri Lanka’s new administration said NBT will be removed from domestic transactions.

NBT on imports would be consolidated with the Port and Airport Levy, a para tariff charged at the border.

Sri Lanka has also announced that the Economic Service Charge, an advance collection on income tax based on revenues, will be abolished.

The bills would be presented to parliament on Thursday, February 20.

The Committee on Public Finance had also called the Central Bank for their observation on the forensic audits into so-called bondscams and the Employees Provident Fund.

The central bank has said since the audits were commission by itself, it would be unethical to comment on them. (Colombo/Feb19/2020)