Press briefing of Cabinet Decision taken on 2018-03-27

Nation Building Tax (Amendment) Bill

The proposal made by Hon. Mangala Samaraweera, the Minister of Finance and Mass Media, to amend the Nation Building Tax (NBT) (Amendment) Bill incorporating the following amendments proposed by the Budget 2018, was approved by the Cabinet:

* Imposing the NBT on liquor in addition to the other existing taxes applicable to liquor;
* Removal of the NBT from the following services and articles;
(a) Equipment that enables advanced technology agriculture practices, including green houses, poly tunnels and material for the construction of green houses;
(b) Coconut oil and other coconut related products;
(c) Gem Stones imported for the purpose of re export after cutting and polishing;
(d) Non motorized equipment and accessories for water sports such as Rowing, Kayaks, Canoes, Kite Surfing and Diving;
(e) Non powered equipment and accessories for aero sports such as Hang Gliding, Ballooning, Dirigibles, Parachutes and Para Gliders;
(f) Services provided by the Sri Lanka Deposit Insurance Scheme;