IMPLEMENTATION OF TAX PROPOSALS INCOME TAX, VAT, NBT & ESC.

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Presentation transcript:

IMPLEMENTATION OF TAX PROPOSALS INCOME TAX, VAT, NBT & ESC

EFFECTIVE DATES OF CHANGES INCOME TAX AND ECONOMIC SERVICE CHARGE (ESC) – 01/04/2016 VALUE-ADDED TAX (VAT) AND NATION BUILDING TAX (NBT) – 02/05/2016

INCOME TAX - CORPORATE INCOME TAX RATE APPLICABLE ON THE PROFITS FROM; 1. BANKING AND FINANCIAL SERVICES, INSURANCE INDUSTRY AND TRADING ACTIVITIES - 28%. 2. LIQUOR, TOBACCO, LOTTERY, BETTING AND GAMING - 40%. 3. ALL OTHER ACTIVITIES (OTHER THAN ABOVE) %.

INCOME TAX - PERSONAL PROGRESSIVE INCOME TAX RATES, TAX FREE ALLOWANCE, THE TAX DEDUCTIONS AND TAX EXEMPTIONS CURRENTLY APPLICABLE ON PERSONAL INCOME TAX SHALL BE CONTINUED. EMPLOYMENT INCOME SHALL BE TAXED AT THE MAXIMUM RATE OF 16% AND THE CURRENT PAYE TABLES COULD BE APPLIED FOR THE YEAR OF ASSESSMENT COMMENCING FORM PROVISION WILL BE INTRODUCED TO THE PRESENT SYSTEM RESTRICTING EMPLOYERS SETTLING EMPLOYEE’S PAYE TAX LIABILITY.

INCOME TAX – PERSONAL (CONT.) MAXIMUM INCOME TAX RATE APPLICABLE FOR INDIVIDUALS ON THE PROFITS FROM SECTORS OTHER THAN FINANCIAL, TRADING, LIQUOR, TOBACCO, LOTTERY, BETTING AND GAMING ACTIVITY SHALL BE LIMITED TO 17.5%. PROFITS FROM ANY LIQUOR, TOBACCO, LOTTERY, BETTING AND GAMING ACTIVITY SHALL BE LIMITED TO 40%.

INCOME TAX – PERSONAL (CONT.) PROGRESSIVE TAX RATES Employment Income liable under PAYE Scheme Employment Income Tax Rate First Rs 750,000 Exempt Next Rs 500,000 4% Next Rs 500,000 8% Next Rs 500,000 12% Balance 16% Taxable income of Professionals Employment Income Tax Rate First Rs 500,000 Exempt Next Rs 500,000 4% Next Rs 500,000 8% Next Rs 25,000,000 12% Next Rs 10,000,000 14% Balance 16%

INCOME TAX – PERSONAL (CONT.) PROGRESSIVE TAX RATES Taxable income of other persons Employment Income Tax Rate First Rs 500,000 Exempt Next Rs 500,000 4% Next Rs 500,000 8% Next Rs 500,000 12% Next Rs 5,00,000 16% Balance 17.5% Sectors other than financial, insurance, liquor &tobacco

VALUE ADDED TAX (VAT) VAT RATE IS INCREASED TO 15% THRESHOLD FOR THE REGISTRATION FOR VAT IS RS. 3 MILLION/QUARTER OR RS. 12 MILLION/ANNUM WHOLESALE AND RETAIL TRADE WILL SHARE THE SAME THRESHOLD (PREVIOUSLY HAD A THRESHOLD OF RS. 100 MILLION)

NATION BUILDING TAX (NBT) NBT RATE IS TO BE CONTINUED AT 2% THRESHOLD FOR THE REGISTRATION FOR NBT IS RS. 3 MILLION/QUARTER THE FOLLOWING BUSINESS WILL ALSO BE LIABLE FOR NBT OPERATING A HOTEL, GUEST HOUSE, RESTAURANT OR OTHER SIMILAR BUSINESSES PROVIDING EDUCATION SERVICES LOCALLY SUPPLY OF LABOUR

REMOVAL OF EXEMPTIONS ON VAT & NBT VATNBT Supply of Telecommunication Services Import or Supply of Telecom Equipment Issue of Licenses to Local Telecom Operators Supply of Healthcare Services Supply of Goods or Services to any Specified Project approved on or after 02/05/2016 (Other than housing projects) Supply of Electricity Lubricants (Petroleum and Petroleum products other than Petrol, Diesel & Kerosene The following previously exempted industries will be liable for VAT/NBT from 02/

ECONOMIC SERVICE CHARGE (ESC) ESC RATE IS INCREASED TO 0.5% FOR ALL LIABLE COMPANIES ESC THRESHOLD REMAINS AT RS. 50 MILLION/QUARTER. (PETROL, DIESEL AND KEROSENE RETAIL TRADE WILL BE TAXED ON 1/10 TH OF THE LIABLE TURNOVER) MAXIMUM LIABILITY OF RS. 120 MILLION IS REMOVED THE PERIOD FOR CARRIED FORWARD OF ESC TO BE SET OFF AGAINST INCOME TAX PAYABLE FOR ANY PERIOD COMMENCING FROM APRIL 1, 2016 IS REDUCED FROM 5 YEARS TO 3 YEARS (INCLUDING THE YEAR OF ASSESSMENT IN WHICH THE PAYMENT IS DUE).

THANK YOU