Almost all imported food and beverages have been hit by higher taxes in the latest budget which also increased the cost of living allowance of public servants by 1,200 rupees a month.
The budget also proposed "strengthening the application" of Value Added Tax on supermarkets meaning that the government will rake in an additional 15 billion rupees from retail stores from 2014.
The adjustment of taxes on imported food will give the treasury an additional 12.75 billion rupees, according to figures tabled in parliament on Thursday.
However, designer pens such as Mont Blanc Etoile Preciesue Fountain Pen will now be affordable at a tax-free 4,040 U.S. dollars and neckties in the league of Hofmann And Co costing up to 8,450 U.S. dollars will also be tax exempt.
The government has also changed the definition of an executive. Earlier, anyone earning more than 25,000 rupees was considered an “executive,” but the floor has now been raised to 75,000 rupees.
Executive or not, you can get completely duty free frozen bait, fish hooks, rods and reels and fishing tackle (under HS code 0511.91.90,9507.10, 9507.20,9507.30 and 9507.90) if fishing is your hobby or vocation.
Marine propulsion engines too become tax free in a move that would allow the crafty to convert their gasoline cars to run on diesel powered marine engines.
Amphibious vehicles could be the next trendy vehicle to replace the low-ground clearance luxury cars which are quite useless on most Colombo roads that go under water during the monsoon.Enterprising Sri Lankan businessmen could also use new marine engines to power their converted fishing trawlers to out run the second hand boats that Australia has gifted to the Sri Lankan navy to catch people smuggling craft.
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