Feb 14 (LBO) – Traders and businessmen could easily navigate through Sri Lanka’s plethora of taxes and customs regulations, through a single searchable database being rolled out for public use in March, officials said. The new database will hold all of the country’s customs regulations, related laws, taxes and other levies as well as preferential duties on goods under trade deals.
“Sri Lanka’s plethora of taxes is alarming because in addition to customs duties, there are cess charges and value added tax and all of these also make tax calculation difficult,” Sanath Jayanetti, Team leader for the Customs Regulation Database project, said.
The database will also include a ‘tax calculator’, which will allow traders and businessmen to easily compute all applicable taxes on any given good.
The online database currently contains 75 laws from Board of Investment laws to the Flora and Fauna Protection Ordinance in addition to numerous regulations, Jayanetti says.
Users can also search tariff schedules for 6500 HS (Harmonised System) or product codes, with the database bringing up all relevant regulations, including import licensing and standards criteria.
“Departmental orders that was available