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Govt. to redraft VAT Bill

17 August 2016 08:13 am - 8     - {{hitsCtrl.values.hits}}


The Government has initiated the redrafting of the Value Added Tax (Amendment) Bill by way of a memorandum submitted to the Cabinet for its consideration, Finance Minister Ravi Karunanayake said.

The Bill which was placed on the Order Paper of Parliament was nullified following a ruling by the Supreme Court which said that the due procedure laid down in the Constitution and Standing Orders governing parliamentary businesses had not been followed.

When a Bill is presented in the House, it should be done after securing Cabinet approval and the receipt of such approval has to be communicated to the House in terms of Standing Order 133. The finance minister said another memorandum would be submitted on this matter on Friday for consideration by the Cabinet.

“We intend to secure approval next week,” he said.

When asked whether it would be taken up in Parliament next week itself, he said it would be done immediately and noted that the new Bill would be drafted with changes to the original document.

In the original Bill, the government had sought to increase VAT from 11 per cent to 15 per cent. It has also been proposed to do away with the exemptions granted to certain service sectors such as telecommunication while widening the VAT liability threshold. (Kelum Bandara)

  Comments - 8

  • Premalal Thursday, 18 August 2016 09:26 AM

    We have so many dubious ministries, why not create a ministry "non finance" for RK? I am sure that he will do an excellent job.

    Unchikun Wednesday, 17 August 2016 08:22 AM

    Time is up to redraft the architect of the original VAT bill.

    Vajira Wednesday, 17 August 2016 08:53 AM

    Not only that Whole government policies need to be redrafted via DM Android App

    mm Wednesday, 17 August 2016 09:49 AM

    give it a rest RK you know that the small man will be effected badly with this via DM iOS App

    Yapa Wednesday, 17 August 2016 09:55 AM

    Please leave this important Ministry.President will appoint the best person like he did at CB Governor appointment .In short you should not be in the cabinet.

    Kondebandapucheena Wednesday, 17 August 2016 11:45 AM

    you are not suitable for even accounts clerk

    Shelly. Wednesday, 17 August 2016 11:53 AM

    First educate everyone about the need of their contribution for development and disaster in going for loans. Secondly cut expenditure that can be put on hold in order to convince them. Change disgraced name VAT to a friendly name. Use brain. via DM Android App

    Nihal Amarasekera Thursday, 18 August 2016 05:07 AM

    Damage already done, irrevocably. Traders have already jacked up prices siting VAT, illegally and irrevocably.

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