Several key tax amendments announced

The Finance Ministry yesterday introduced several key tax amendments among many other things.

The Finance Ministry said luxury tax on motor vehicles will be amended to provide for chargeability of the tax based on the price of vehicle instead of engine capacity and specifying the exempt vehicle categories.

Also, the Finance Ministry said Cellular Tower Levy introduced in the budget will be exempted on the towers used to provide 5G coverage.

Further, the Finance Ministry said Levy on Foreign Commercial Transactions will be charged at the rate of 3.5 percent on the credit/debit card payments made to purchase goods/services from outside Sri Lanka.

The date of implementation of the Levy will be declared by the Minister by order published in the Gazette.