The 2018 Budget has added four new taxes and it will increase the number of tax to 39, said Suresh Perera, Principal, Tax and Regulatory, KPMG. He was speaking at a post-Budget seminar organised by the National Chamber of Exporters. The new taxes are the debt repayment levy, carbon tax, cellular taxes levy and SMS advertising levy.
He said that Sri Lanka’s Doing Business Index had deteriorated from 109 to 111 while India’s position has increased a great deal. “I think the reason for this is that the simplification of tax and India hopes to be among top 70 in this raking soon.”
He said the government hopes to collect a revenue of Rs. 12 billion annually from the cellular tower tax per year in addition to tax from sms advertising which would be 25 cents and this has to be borne by the advertiser.
Perera also said that they are very happy about the tax on sugar products for soft drinks and said that this was a welcome move.
“A sugar tax was first implemented in 1922 and it is now being implemented in many countries.” (SS)
He said that Sri Lanka’s Doing Business Index had deteriorated from 109 to 111 while India’s position has increased a great deal. “I think the reason for this is that the simplification of tax and India hopes to be among top 70 in this raking soon.”
He said the government hopes to collect a revenue of Rs. 12 billion annually from the cellular tower tax per year in addition to tax from sms advertising which would be 25 cents and this has to be borne by the advertiser.
Perera also said that they are very happy about the tax on sugar products for soft drinks and said that this was a welcome move.
“A sugar tax was first implemented in 1922 and it is now being implemented in many countries.” (SS)
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