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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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