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Last Updated : 2024-04-23 16:21:00
13 September 2016 01:21 pm - 5 - {{hitsCtrl.values.hits}}
The Valued Added Tax (Amendment) Bill, which was approved by the Cabinet today will be presented in Parliament next week, Finance Minister Ravi Karunanayake said.
He said it was identical to the Bill which the government was unsuccessful in introducing earlier and that it would be gazetted yesterday. The process of introducing this bill was nullified by the Supreme Court on the basis that due procedure had not been followed. A finance bill should be presented only after the Cabinet signifies to Parliament that it has been approved.
According to the earlier Bill, the government sought to increase VAT from 11 per cent to 15 per cent and sought to do away with exemptions granted to certain service sectors such as telecommunication.
There were countrywide protests against the original version of the Bill with traders taking to the streets and shops being closed. (Kelum Bandara)
ANTON Tuesday, 13 September 2016 01:39 PM
"BY HOOK OR BY CROOK, I GOT THIS PAPER APPROVED, NOW I AM THE HAPPIEST MAN ON THIS EARTH"
kk Tuesday, 13 September 2016 04:20 PM
good or bad we have to obey. via DM Android App
jolly bird Tuesday, 13 September 2016 04:56 PM
AGAIN VAT IS GOING WET OUR EYES. via DM Android App
rajiv Tuesday, 13 September 2016 05:10 PM
If the turnover is 3M for VAT all small shops will have to pay and with exempted items they will not be able to calculate manually so this will be again a problem.
karu Tuesday, 13 September 2016 07:13 PM
VAT on buying and selling is a Tax on gross profit of a merchant. It is a daylight robbery by the state
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