Tax cut on trucks, motorbikes; 10% telecom levy on data removed.

 

Sri Lanka’s Finance Minister Mangala Samaraweera announced a 10 percent tax cut on telecom data and small vehicles like lorries and motor cycles Thursday to encourage entrepreneurship.

“The telecom service providers have also in return said they would add 10 percent extra data for their customers,” he said.

The telecom tax cut will be effective from September 2017 while the excise tax cut on small vehicles will be effective from mid-night Thursday.

The minister also announced several credit schemes targeting exporters and small and medium entrepreneurship.

The interest subsidy will cost 4.4 billion rupees,