Legal enactment of ESC, NBT, PAL and Finance Bills approved by Speaker
By Ishara Gamage
Several Bills to amend the Finance Act, Nation Building Tax (NBT) Act, Economic Service Charge (ESC) Act and Ports and Airports Development Levy (PAL) Act were passed in Parliament and the relevant Bills certified by the Speaker on 12 October.
According to the amended Finance (Amendment) Act No. 2 of 2020, the government has terminated the Debt Repayment Levy with effect from 1 January, 2020.The government also removed the Nation Building Tax (NBT) with effect from December 1, 2019 as well as the Economic Service Charge with effect from 1 January, 2020.
Meanwhile, the Ports and Airports Development Levy (PAL) was Increased by 2.5% with effect from 6 December, 2019.