Five year tax relief on agricultural income for small scale entrepreneurs

October 8, 2019


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Therefore, Agricultural income generated specially by the small scale entrepreneurs in the  cultivation of any agricultural produce such as tea, spices, coconut, rubber, paddy, fruits, vegetables, etc, to be exempted from income taxation for a period of 5 years.With the introduction of several changes to the tax system by the previous government, Sri Lanka’s business community particularly the small and medium entrepreneurs those engaged in professional and other services and agricultural activities have been confronted with complex taxation and heavy tax burden.In addition to the imposition of high income taxes on wage income and other remuneration, interest and rent incomes, tax burden has also increased through high tax rates and reduction in tax free thresholds for the implementation of Value Added Tax (VAT), Nation Building Tax (NBT) Economic Services Charge (ESC), withholding taxes, etc. People are looking for a simple, broad based, low tax rates, a transparent tax system and a simplified tax administration. Agricultural income generated, specially by small scale entrepreneurs in the cultivation of any agricultural produce such as tea, spices, coconut, rubber, paddy, fruits, vegetables, etc, are to be exempted from income taxation for a period of 5 years.In order to promote the  agricultural production in the country for exports and consumption purposes the Government has decided to provide a five year tax exemption to the agricultural based small and medium industry. In addition the annual income tax rate on processing industries using local agricultural commodities is to be reduced from 28 per cent to 14 per cent. Further, as a measure to ease the serious hardships to small holder business operations, it has been proposed to raise the threshold for the application of ESC Economic Service Charge from Rs. 12.5 million per quarter to Rs.50 million per quarter. The relief measures have been introduced on the instructions of the President and the Minister of Finance and Economic Affairs and are aimed at providing highest priority to agricultural development.Accordingly the Government is of the view that every effort should be made to make use of the 2018 /19 Maha cultivation season as a new beginning. Such a system of taxation is important to provide an environment conducive for doing domestic business in the SME sector, professional and other services and agricultural activities. While formulating a simple tax system takes some time, Mahinda Rajapakse, Minister of Finance and Economic Affairs, proposes at this stage to introduce some specific measures towards providing incentives that will enable SMEs and small sector business activities to revive rapidly. read more

Queen marks 65 years on British throne with Sapphire Jubilee

September 25, 2019


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Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedDuchess of Cambridge pregnant with third childSeptember 4, 2017In “Entertainment”Commonwealth to choose next head during summitApril 16, 2018In “World”Commonwealth backs Prince Charles as next headApril 20, 2018In “World” Queen Elizabeth is the longest-reigning monarch in British history. Look back at moments from her life so far.Despite relinquishing some of her royal duties to other members of the family, she has continued to maintain an active public presence, appearing in a striking neon green outfit at her official 90th birthday celebrations in June 2016. This 2014 photograph has been reissued for Queen Elizabeth’s Sapphire Anniversary on February 6.The Queen has no public events planned for the anniversary, and will instead spend the day at Sandringham, her country retreat in eastern England, according to a palace spokeswoman.It was on February 6, 1952 that the Queen’s father died and the 25-year-old princess ascended to the throne.The Queen became Britain’s longest reigning monarch in September 2015, after 63 years and 216 days on the throne, surpassing the record set by her great-great-grandmother, Queen Victoria. London (CNN) Queen Elizabeth II became the first British monarch to reign for 65 years on Monday.Her Sapphire Jubilee is being marked with ceremonial gun salutes at London’s Green Park and the Tower of London, and in several other locations across the United Kingdom. The bells at Westminster Abbey in central London will be rung at 1pm today in honor of the occasion.A photograph taken by British photographer David Bailey in 2014 has been reissued to celebrate the anniversary. In the photo, the Queen is wearing sapphire jewelry that was given to her as a wedding gift by her father King George VI in 1947.The photo was originally taken for the GREAT Britain promotional campaign, which launched soon after the Queen’s Diamond Jubilee celebrations, marking 60 years of her reign. The then-Prime Minister David Cameron paid tribute to the Queen during those celebrations, describing her as “a rock of strength for our nation” throughout her reign.A ”heavy cold” prevented the Queen from attending church  over the Christmas and New Year period, but she has since recovered, attending a service on January 8 and making an official visit to an exhibition about Fijian art and life in Norwich, near Sandringham, later the same month. read more