No charge for delay at ports for LCs before budget
January 6, 2016 02:54 pm
The President has ordered not to charge for the delays of clearing vehicles at ports for which the Letters of Credit(LC) were opened prior to the budget, Minister S.B. Dissanakaye said today.
The Cabinet earlier also decided not to impose new taxes on vehicles for which Letters of Credit (LC) had been opened before the budget.
The budget 2016, presented by Finance Minister Ravi Karunanayake on November 20 in Parliament introduced a new valuation system taking full option manufacturer’s price as the tax base.
To further strengthen this process of collecting the duly payable taxes, a simple unit rate of excise duty for the vehicles on the basis of cubic centimeters (CC) was also proposed.