Financial Institutions Have To Pay Levy On Transactions: Not Allowed To Be Passed Onto Customers

The special levy for debt repayment is proposed to impose on all transactions has to be totally borne by the financial institutions and won’t be allowed to be passed on to customers, State Minister of Finance Eran Wickremeratne clarified.

Under the Budget 2018 proposal, the government plans to generate Rs. 20 Billion in 2018 through the three-year temporary levy, which has been designed to meet Sri Lanka’s debt repayment amounting to almost seven Trillion.

The new levy is proposed to be charged at the rate of 20 cents per Rs. 1, 000 (0.002 per cent) on the total transaction with effect from 1st April 2018.

 

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