Budget 2018 – Tax Proposals

Finance and Media Minister Mangala Samaraweera presented the 2018 Budget speech on 9th November 2017.

Some of the highlights are given below:

-VAT refund scheme for foreign passport holders at airports and seaports from May 1, 2018.

-NBT Tax to be imposed on liquor from April 1, 2018.

-0.2% tax on bank transactions to be utilised to repay debt.

-25 cent levy on SMS advertising.

-Govt. will divest holdings in non-strategic interests.

-Restrictions on foreign ownership of shipping and freight forwarding agencies will be lifted

– Loans for SME industries, without guarantors.