Sri Lanka to impose 2-pct tax on banks, ups export and import taxes – Updated

Nov 21, 2013 (LBO) – A two percent nation building tax will be imposed on banks, export taxes will be charged on cinnamon and pepper and import taxes will be raised on fishing boats and fish, President Mahinda Rajapaksa said. Cess taxes will also be raised on butter, yoghurt and milk products.

Wooden furniture imports will be restricted and new hotels will be encouraged to use local products.

Depreciation allowance on used car imports will be tightened to increase customs revenues.

Price controls will be taken off poultry and a regulated cost based pricing will be imports.

Fertilizer at a deep subsidy of 350 rupees will be only given to crops in the main two seasons. Other fertilizer will be given at 1,250 rupees a tonne.