The Cabinet of Ministers has approved the tax amendments proposed by the Finance Minister Mangala Samaraweera in his Budget 2019.
Accordingly, the Cabinet has approved the Amendment Draft Bills on Nation Building Tax and Value Added Tax (VAT).Thus, the hotels, guest house, restaurants which are registered with the Tourist Board where they receive payment for such service in foreign currency through local commercial banks, such money will be exempted from Nation Building Tax.
This has aimed to strengthen the tourist industry.
At the same time, importation of yachts and other vessels for pleasure or sport purposes will also be exempted from Nation Building Tax.