Nation Building Tax doubles from today

In keeping with the 2016 budget,the Nation Building Tax  will increase with effect from today, Jan. 1, 2016.

Accordingly, the prices of some goods and services will be revised from today. The budget for 2016 saw the increase of NBT from 2 percent to 4 percent.

The prices of cigarettes have already been increased by a rupee or two.

Director General of the department of fiscal policy, A.K Senewiratna said the tax hike will also impact the telecommunication sector. However, he said the decision to increase telecommunication rates lies with service providers. Senewiratna said the nation building tax will not be imposed on essential food items and water bills.

Further, the ports and airport development levy will increase from 5 percent to 7.5 percent today onwards. The changes would require an additional Rs. 15,000 rupees to be paid to banks per motor vehicle at the time letters of credit or LCs for importation is opened.

For three-wheelers and motorbikes, this will be Rs. 2000 rupees. Meanwhile, the stamp duty levied on credit card usage will be removed from today.

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