BTT or Not?

Stiff political opposition stops Sri Lanka’s key local body from raising taxes by four percent, for the first time in 15 years. Stiff political opposition stops Sri Lanka’s key local body from raising taxes by four percent, for the first time in 15 years. The Western Provincial Council – which controls over 50 percent of Sri Lanka’s economic growth – met on Tuesday and opted to set up a special committee to study the impact of raising business turnover tax or BTT to five percent from the present one percent.

“The Council couldn’t decide today because some political parties are against the increase,” said a senior official from the Western PC on Tuesday.

The 11 member special committee to be set up this week, will have representation from all political parties, the official told LBO on condition of anonymity.

All provincial councils – local administrative bodies – have voted to raise BTT to five percent from April 1. Local authorities say there is no move to shift the implementation date. Out of the seven, only the Western Provincial Council is left to officially ink the tax hike.

Local authorities say they have