Budget 2018 Updates

General
  1. Reduction of taxed on import of Electric Three wheelers, buses & other vehicles
  2. Import taxes on Diesel Three wheelers will be increased by Rs 50,000
  3. Luxury tax to be imposed on luxury vehicles with engine capacity > 2500cc
  4. A ban will be imposed on vehicles which do not have air bags
  5. Electric Three wheelers will have a 90% concession from the government
  6. Allocation of Rs. 75Bn for loans to produce environmentally friendly items
  7. Rs. 3Bn to be used for wastage management (Recycling of garbage)
  8. Cess will be removed for polythene bags which are not harmful to the environment
  9. Cess will be removed for polythene bags which are not harmful to the environment
  10. Tax of Rs 2 per minute for a call per telecom tower
  11. 50% of the cost borne by government for fishing vessels over 55ft
  12. Rs 1,000Mn allocated for developing 10 lagoons
  13. Rs 40,000 per acre insurance cover for 5 selected Agri products
  14. Rs 10,000Mn for establishing an EXIM Bank to provide long term loans for Small & Medium scale businesses
  15. Tax to be reduced on all electric vehicles by Rs 1Mn
  16. 10% Interest relief for loans obtained by female entrepreneurs
  17. NBT removed for Greenhouse related imports
  18. NBT will be removed for selected Agri equipment
  19. Rs. 10/kg tax on plastic production
  20. SME guarantee fund to help exporters in CRIB to obtain loans
  21. 15% Interest relief for loans obtained by disabled entrepreneurs
  22. Taxes on import of luxury vehicles increased. Price to increase by Rs 2.5 million
  23. Import taxes on other vehicles will be revised based on engine capacity
  24. Rs 800Mn allocated for Export Market Access Programme to better access Global Value Chains
  25. Restriction on foreign ownership in Shipping & Logistics Industry will be removed
  26. Allocaton of Rs 50Mn for Centre for Robotics
  27. 1200 para tariffs to be abolished within next 3 years
  28. Strong anti-dumping & counterfeiting laws to be introduced. Anti competitive laws to be introduced for M&As
  29. Rs 3Bn fund to be established to fund IT Sector SME’s & local Startups
  30. “Export market support programme” created to meet certain costs involved with exports
  31. BOI & Customs to establish a procedure by 01.01.18 to facilitate e-Commerce transactions
  32. NBT & PAL exempt for yachts built by BOI companies to supply to BOI companies
  33. SLPA Act and Merchant & Shipping Act need to be amended in order to cater to current times
  34. NBT exemption for one year as an incentive for local Coconut Oil & Oil related products
  35. VAT refund scheme for foreign passport holders form 01.05.18
  36. ROC to establish a one stop shop for business registrations
  37. 250Mn will be allocated to support Tea small holders
  38. 1% tax on the commissions derived by online travel agents from Sri Lanka
  39. Foreign individuals will be permitted to purchase condo property below 4th floor
  40. “Tourist Board approved Tuk tuks” to be introduced
  41. Tax concessions will be provided for the poultry industry
  42. Allocation of Rs 125Mn for creation of research schools for export of Bananas and Pineapples
  43. NBT / PAL removed from non powered equipment for Aero sports
  44. NBT / PAL removed from non powered equipment for Aero sports
  45. Single facilitation point for PPPs
  46. PAL & NBT exempt from non-mortorised water sports equipment
  47. NBT to be removed on rough precious stones imported for cutting, polishing and re-export
  48. Restriction on foreign ownership of land by listed companies will be lifted
  49. PPP guidelines to be introduced to invest in specific sectors such as transport & other infrastructure projects
  50. Regulations already issued mandating meters for Trishaws
  51. 50 Cents tax per 1 Gram of Sugar in drinks
  52. NBT to be imposed from 01.04.18 on liquor
  53. Import duty (other than customs duty) removed on sports shoes
  54. 15 Bio farm institutes will be introduced
  55. Para tariff imposed on certain imported food and beverages needed for tourism sector will be removed
  56. Rs 1,200Mn allocated for renovation of track & pavilion of Sugathadasa Stadium upto International Standards
  57. Underutilized State farms and similar assets will be leased out to boost the poultry industry
  58. Necessary legal & policy changes and divestment of non-strategic government holdings in order to strengthen capital markets
  59. Subject such as Genetics, Robotics & Nano Technology to be introduced to School curriculum
  60. Vehicle permit scheme provided to Government employees to continue
  61. University college to be established in Kinniya
  62. Rs 17.5Bn allocated for housing schemes
  63. From 01.04.18 for a period of 3 years, a Loan Recovery Levy of 20 Cents for every Rs 1,000 on all banking transactions
  64. A levy of 25 Cents per message for marketing via SMS
  65. Excise duty of Rs 15 per 1 liter for alcohol (non-drinking)

Click here to view comprehensive budget 2018 proposals

Leave a Reply