Business Turnover Tax abolished in Sri Lanka with effect from 1st January, 2011 and such Trading Businesses are liable for Nation Building Tax (NBT).
Rates Charged are as follows,
All businesses engaged in buying and selling of articles and commodities other than exempt items are liable to turnover tax on or before 31st December 2010.
Rates are as follows
(a) Sale of Gems, sawan timber and precious and semi precious stones, furniture 5%
(b) Sale of Jewellery 5%
(c) Sale of other articles 1%