How do you pay turnover tax?

asked Mar 5, 2016 in Turnover Tax by Hasitha
How do you pay turnover tax?

1 Answer

0 votes
answered Mar 5, 2016 by Piyalsri (550 points)

BTT is abolished with effect fom 1st January, 2011 and such Trading Businesses  are liable for Nation Building Tax (NBT).

The rules were:

All businesses engaged in buying and selling of articles and commodities other than exempt items are liable to turnover tax.
 
(a) Sale of Gems, sawn timber and precious and semi precious stones, furniture 5%
(b) Sale of Jewellery 5%
(c) Sale of other articles 1%

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