Highlights of Budget 2018 | Sunday Observer

Highlights of Budget 2018

* The import tax on electric cars will be reduced by Rs. 1 million and the import tax on luxury cars will be increased by Rs. 2.5 million.

* Special tax imposed on super luxury vehicles with an engine capacity exceeding 2,500 cc.

* The import tax on a diesel three wheeler increased by Rs. 50,000.

* Electric three wheelers will have 90 percent concession from the Government.

* All Government vehicles will be converted to hybrid or electric vehicles by 2025.

* All vehicles to be converted to hybrid or electric by 2040

* Vehicles which don’t have airbags banned from 2025.

* Carbon Tax on motorcycle, car and passenger bus will be 17 cents, Rs.1.78 and Rs.2.74 per day, respectively.

* Rs.500 million allocated to introduce 50 electric buses into the SLTB bus fleet.

* Setting up of electric charging stations across the country in due course.

* The loan value ratio for electric buses and three wheelers will be revised to 90/10.

* Revisions in pre-shipment certificates on vehicle imports.

* A tax of Rs.2 per minute for a call to be introduced for telecommunication towers.

* Increase the fees charged for services provided by Government agencies by 15 percent.

* Impose an excise duty of Rs.10 per kilogramme for plastic resins.

* Remove custom duties for all machinery, equipment, raw materials and intermediary goods used in manufacturing bio degradable packaging material.

* Rs.3,000 million allocated to fast track the establishment of the Aruwakkalu waste disposal and management site.

* Initiate a project on Beach Replenishment from Mount Lavinia to Ratmalana at a cost of Rs.400 million.

* Invest Rs.800 million to protect the coastal belt from Negombo to Marawila.

* Amend the Sri Lanka Ports Authority Act No.51 of 1979 and the Merchants Shipping Act No.52 of 1971.

* Declare Nanu Oya, Colombo Fort, Galle and Ella railway stations as archeological sites.

* Develop Sigiriya, Batticaloa, China Bay and Koggala domestic airports as PPPs to support tourism.

* Increase the allowance paid to students in National Colleges of Education up to a maximum of Rs.5,000 per month.

* Impose NBT on liquor with effect from April 1, 2018.

* Construct 50,000 brick and mortar type houses in the North and the East.

* Construction of a special home for differently abled women in the North.

* Charge a Special Levy for Debt Repayment at the rate of 20 cents per Rs.1,000 on the total transaction made through banks with effect from April 1, 2018.

* Introduce new legislation to replace the 148 year old Customs Ordinance.

* Charge a fee on advertisements done through SMS at a rate of 25 cents per SMS with effect from April 1, 2018.

* Rs. 1,500 million allocated to establish the Haritha Udyana (Eco Friendly Parks) or a green lung with a jogging track in every Pradeshiya Saba Division.

* Exempt NBT on the import of selected equipment including greenhouse technology.

* Rs.1,750 million allocated to develop and upgrade anchorages and landing sites of Chilaw, Mirissa, Karainagar and Purana Wella fishery harbours.

* Rs.25 million allocated to establish a Virtual Blue-Green institute.

* Rs.500 million allocated to offer loans under “Entrepreneurs Sri Lanka” program.

* VAT refund scheme for foreign passport holders at airports and seaports from May 1, 2018.

* Three Wheeler Regulatory Authority to be established under the Transport Ministry.

* Meters will be made compulsory for three wheelers.

* A new Health Insurance scheme to be introduced for university students.

* Rs.10,000 million allocated to provide infrastructure facilities to construct expressways.

* Licences to be issued to import cigarette. 

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