Nation Building Tax amendment removes tax exemption on alcohol

Thursday, 29 March 2018 00:13 - - {{hitsCtrl.values.hits}}

The draft Amendment to the Nation Building Tax Act No 9 of 2009 (NBT Act) has removed its exemption on alcohol.

However, it has added exemption for sporting goods, agricultural equipment and coconuts.

The draft Bill (Amendment) was approved by the Cabinet of Ministers on Tuesday (27 March) and was formulated in accordance with the Budget proposals for 2018.

The new NBT exemption is expected to assist the agricultural and tourism sectors.

In addition, the Bill further provides NBT exemptions to : gem stones for cutting and re-exporting purposes; non-powered equipment and accessories for aero sports such as hang-gliding, ballooning, dirigibles, parachutes and para-gliders; non-motorised equipment and accessories for water sports such as kayaks, canoes, kite surfing and diving; equipment that enables advanced technology agriculture practices including greenhouses, poly tunnels and materials for the construction of greenhouses; coconut oil and other coconut related products; and the service provided by the Sri Lanka Deposit Scheme.