Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » World
1-min read

Sri Lanka’s New Government Announces Sweeping Tax Cuts ahead of Parliamentary Polls

The Cabinet decided Wednesday to cut the value added tax to 8% from 15%, effective December 1, and to abolish seven other taxes, including a 2% nation building tax paid by businesses.

Updated:November 28, 2019, 3:30 PM IST
facebookTwitter Pocket whatsapp
Sri Lanka’s New Government Announces Sweeping Tax Cuts ahead of Parliamentary Polls
News18 Creative by Mir Suhail.

Colombo: Sri Lanka's new government has announced sweeping tax cuts and reforms in a bid to provide relief to the masses ahead of parliamentary elections scheduled for early next year.

The Cabinet decided Wednesday to cut the value added tax to 8% from 15%, effective December 1, and to abolish seven other taxes, including a 2% nation building tax paid by businesses.

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

The government's information department said the decisions were made in the first Cabinet meeting since Gotabaya Rajapaksa was elected as president.

It said that apart from the VAT tax cut, other changes were to take effect immediately.

Rajapaksa promised sweeping tax relief during the recent presidential election. He also vowed to strengthen national security and revive the fragile economy.

The island nation's ailing economy suffered a severe blow due to an Easter Sunday attack by Islamic extremists that left more than 260 dead and nearly 500 wounded.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results