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Mar 13, 2019

Uber taxation to build which nation? Featured

A levy of 3.5% Nation Building Tax (NBT) would be charged on The NBT would be charged from companied such as the popular Uber taxi service as the revenue earned is sent overseas, it is reported.

In response to a twitter message the Finance Ministry Economic Advisor Deshal de Mel confirmed it.

This tax not only affects the Uber taxi service, but also the Uber eats which is gradually gaining popularity.

According to Deshal de Mel, the 2.5% stamp duty on overseas purchases has been increased to 3.5% while it would be applicable to all other offshore payments.

He noted that these companies do not pay institutional taxes or VAT unlike the local competitors.

Further, the Rs. 25 charged by banks for every credit card transaction of Rs. 1000 has now been increased to Rs. 35 for every transaction of Rs. 1000.

However, while Uber taxi and Uber eats also have the facility of paying by cash and in such instances, it is unclear how this stamp duty would be charged.

The twitter message by the Finance Ministry Economic Advisor Deshal de Mel is shown below.

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