Implementation of NBT - Budget 2016

asked Jun 20, 2016 in NBT by anonymous

INLAND REVENUE DEPARTMENT
As instructed by the Ministry of Finance and published in the website of the Ministry, the Nation Building Tax (NBT) proposals made by Budget 2016 shall be revised and implemented with effect from 02.05.2016 as appended;

Nation Building Tax (NBT)
1. NBT Rate
NBT rate should be continued at the rate of 2 %.
2. Liable Threshold
The present threshold of liable turnover of NBT per quarter of Rs. 3.75 Mn or 25 Mn for certain industries (other than the turnover of any locally procured agricultural produce in the preparation for sale), is reduced to Rs. 3 Mn.
Accordingly, any person or partnership whose liable turnover from any business including the turnover of following businesses is not less than Rs. 3 million for any quarter is liable for NBT.
- Operating a hotel, guest house, restaurant or other similar business
- Providing educational services locally
- Supply of labour
3. Removal of Exemption
The following exemptions are removed and liable for NBT with effect from May 02, 2016:
- Telecommunication Service
- Supply of electricity (including the supply to the national grid)
- Lubricants (petroleum and petroleum products other than petrol, diesel or kerosene)
- The supply of goods or services to any specified project approved on or after 02.05.2016 other than housing projects.

1 Answer

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answered Jun 20, 2016 by Vishan (3,610 points)
IRD Notice................

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