IT industry welcomes removal of VAT, NBT for software

Wednesday, 24 November 2010 00:01 -     - {{hitsCtrl.values.hits}}

The IT industry said yesterday removal of Value Added Tax (VAT) and Nation Building Tax (NTB) for software was a big boost for SMEs to computerise and streamline their business, thus driving it with proper information systems.

Sources said that currently many SMEs don’t have proper control of their working capital cash flow, etc. and some even don’t know their true debtors and stock balances; hence there is reluctance for them to purchase software because of VAT and NBT causing extra cost.

“We see a win-win situation following the Budget 2011 move. It is a stepping stone for SMEs to move into large enterprises,” sources added.

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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.