A number of measures announced in the Budget 2015-2016 are to be implemented as from today, 1st of July.
- Allocations given out for construction projects will be at Rs 75,000 for families with monthly revenues less than Rs 10,000. For those with salaries from Rs 10,000 to Rs 15,000, they will receive Rs 40,000.
- The 10-cent tax on SMS and MMS is now abolished.
- Parents with children enrolled under undergraduate programs at universities will now be eligible for new exemptions. Those with course fees beyond Rs 44,500 will have Rs 135,000 allocation. This also applies to those studying abroad. The parents will have exemptions lasting for 6 years instead of 3.
- Bookmaker license has increased from Rs 350,000 to Rs 1 million. Those operating outside of Champ-de-Mars will have to pay Rs 3.5 million instead of Rs 350,000. Bookmakers for football matches will have to do the same to earn a license. That of Lottotech is now at Rs 5 million as opposed to the Rs 500,000 that was decided upon previously.
- Customs duty on iron bars goes from 15 % to 10 %.
- New SMEs will pay neither the Corporate Tax nor the Tax deduction at Source for the first 8 years. But, they will have to abide by certain criteria like registering under the Small and Medium Enterprises Development Authority.
- The tax exemption threshold increases by Rs 10,000 for the different categories of taxpayers.
- Families earning less than Rs 10,000 will have Rs 65,000 allocation for the purchase of construction materials.
- It is now obligatory for the VAT to be displayed on items for consumers.