|Budget at a glance
*GST and National Security Levy (NSL) to be transformed into a two-rate Value Added Tax (VAT) system, effective July 1, 2002.
*Surcharge on import duty reduced from 40% to 20% effective April 15, 2002.
*Personal income tax threshold raised from Rs.144,000 to Rs. 240,000 per annum.
*A debit tax of 0.1% effective from May 1, 2002.
*Corporate tax surcharge of 20% abolished
*Advance company taxation abolished
*Tax on capital gains abolished.
*Governmental stamp duty abolished.
*A contributory pension scheme for future government servants.
*Excise duty of 10% on beer and 30% on hard liquor removed.
*Future power generation projects to be open to the private sector.
*Electricity tariffs to be revised with concessions to consumers of less than 30KWh per month.
*Importation and supply of petroleum to be liberalised ending the monopoly of CPC.
*Personal income tax: marginal rate of tax to be changed from 10%, 15%, 25% and 35% to 10%, 20% and 35% effective April 1, 2002.
*An annual levy of Rs.12 million on casinos.
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