President declares tax concessions
Jun 1, 2010 8:00:00 PM - aussieindolanka.com
In a major step towards simplifying and broad basing the tax structure, President Mahinda Rajapaksa in his capacity as Fiance and Planning Minister has removed the 15 percent surcharge on custom duty with effect from yesterday. The 2.5 percent import duty on most raw materials, plant and machinery has also been abolished to provide a boost to the rapidly recovering post conflict economy. Multiplicity of custom duty structure has been simplified with a four band duty structure of 0, 5, 15 and 30 percent, Finance and Planning Ministry states in a release.
The Government has also slashed duties on motor vehicles by 50 percent in support of the expanding tourism activity and rising level of tourist arrivals. To promote Sri Lanka as an attractive shopping centre for internationally branded products - phones, wrist watches, cameras and electronics have also been brought down below 10 percent of overall taxes.