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According to Finance Act No. 11 of 2004,
International Telecommunications Operators are required to make a
contribution to the Govenment at the rate of US$ 0.038 per international
incoming traffic minute w.e.f. 3 March 2003. The total amount of the
levy in respect of SLT from 3 March 2003 to 31 December 2004 has been
estimated at Rs. 2,469 million and has been recognised as an expense
in the current financial year. The corresponding liability has been
recognised in the balance sheet.
According to the Finance Act No. 11 of 2004, regulations may be made
for disbursement of these levies. The regulations are still under
preparation. It is likely that 2/3 of the levy will be refunded to
the International Telecommunication Operators for rolling out the
network in rural areas. Accordingly, the refund to SLT has been estimated
at Rs. 1,646 million but has not been recognised in the financial
statements, as the regulations for such refund have not yet been gazetted. |
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