Announcement

Collapse
No announcement yet.

Cabinet approves more exemptions to VAT regulations

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Cabinet approves more exemptions to VAT regulations

    Cabinet approves more exemptions to VAT regulations




    Exemptions reintroduced for aircrafts and accessories, sawn timber and fabrics, and locally manufactured rice bran oil
    • Minister to be given powers to determine and prescribe basis for the imposition of tax rates on selected goods
    • Gazette on revising the import duty to be presented in Parliament



    The Cabinet this week approved an Amendment to the Value Added Tax Act, to enable the Minister to determine and prescribe by regulation the basis for the imposition of VAT on certain goods, the Government announced yesterday.

    The proposal presented by Finance Minister Mangala Samaraweera amends the Value Added Tax (VAT) Act “enabling to re-introduce the tax exemptions imposed on importation of aircrafts and accessories, sawn timber and fabrics and locally manufactured rice bran oil,” the Office of Cabinet of Ministers announced.

    Further the amendment enables the Minister of Finance “to determine and prescribe by regulation the basis for the imposition of VAT on certain goods”.

    The VAT exemption which was earlier applicable on certain goods and services was removed under the Value Added Tax (Amendment) Act, No. 25 of 2018. However, considering the requests made by the relevant stakeholders in these fields, a proposal was made to reintroduce the exemptions for aircrafts and accessories, sawn timber and fabrics, and locally manufactured rice bran oil.

    Cabinet also green-lit a proposal by Samaraweera to present Gazette Notifications published under the Revenue Protection Act, No 19 of 1962, revising the import duty to Parliament for approval.

    Samaraweera is set to present the Gazette Notifications No. 2079/32, 2092/8 and 2097/36 issued for introducing new H.S. code and duty, enabling local manufacturers to receive concessions in levying import duty, and revising the import duty on petrol for the adjustment of the fuel price in the country relative to the decrease in fuel price in the international market, in Parliament for approval, the Statement from the Cabinet Office said.
    "The best values today are often found in the stocks that were once hot and have since gone cold"

Related Topics

Collapse

Topics Statistics Last Post
Started by SHARK, 12-18-2018, 02:33 PM
0 responses
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by SHARK, 12-18-2018, 02:31 PM
0 responses
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by sashimaal, 02-01-2019, 10:48 PM
1 response
0 views
1 like
Last Post SHARK
by SHARK
 
Started by SHARK, 08-24-2018, 12:44 AM
34 responses
0 views
1 like
Last Post SHARK
by SHARK
 
Started by prasa2004, 03-31-2019, 03:06 PM
1 response
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by SHARK, 01-26-2019, 12:21 PM
0 responses
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by SHARK, 01-06-2019, 09:11 AM
1 response
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by SHARK, 01-01-2019, 10:28 AM
0 responses
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by SHARK, 10-12-2018, 09:08 PM
0 responses
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by ruwan326, 01-28-2019, 07:27 AM
17 responses
0 views
0 likes
Last Post SHARK
by SHARK
 
Started by sashimaal, 10-26-2018, 02:35 PM
0 responses
0 views
0 likes
Last Post sashimaal  
Started by ruwan326, 01-09-2019, 08:27 PM
1 response
0 views
1 like
Last Post badinvestor  
Working...
X