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VAT to be increased to 15% from May 2

15 April 2016 12:54 pm - 64     - {{hitsCtrl.values.hits}}

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The Value Added Tax (VAT) is to be increased to 15% with effect from May 02, 2016, the Finance Ministry announced.


Accordingly, VAT will also be imposed on supply of telecommunication services, import or supply of telecom equipment or machinery, high tech equipment including copper cables for telecom industry and supply of healthcare services.


“Wholesale and retail trade (other than by a manufacturer or importer) shall be liable for VAT and the tax shall be charged only on liable supplies. The restriction on exempt supplies (deemed VAT) shall be removed. Threshold for the VAT liability of wholesale and retail trade shall be reduced to Rs.3 million per quarter or Rs.12 million per annum.,” it stated.

 

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  Comments - 64

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  • Aruna Friday, 15 April 2016 03:24 PM

    Hey, make no disrupting statements against Yahapalana process! Good luck to 6.2 millions!

    Onlooker Friday, 15 April 2016 03:48 PM

    Well done yahapalana, you are showing your colours. The 8th revolution is taking its toll with perfection.

    Rohan Friday, 15 April 2016 03:53 PM

    Useless over crowded parliament is number 1 economy destroyer. Number two is election promise of Rs 10,000 to govt employees. Now whole country needs to pay back in taxes.

    lankan Friday, 15 April 2016 03:56 PM

    keep on adding taxes. how much to bare. do u ll want us live or not via DM Android App

    Sonali Friday, 15 April 2016 04:00 PM

    This is the start of the end of this govt. They are digging their graves pretty early.

    karu Friday, 15 April 2016 04:08 PM

    The present system followed for collection of VAT is highly complicated and difficult to administer. Even the taxman doesnt know it. They follow a thumb rule. via DM Android App

    Jagath Leanage Friday, 15 April 2016 04:17 PM

    Present government don't know words should use when doing things. When Rajapakses want to increase something, they used the word :- "AMMENDED''. ;)

    Citizen Friday, 15 April 2016 04:21 PM

    First of all you must remove the pambaya..MS. via DM Android App

    saman Friday, 15 April 2016 04:48 PM

    Kohomada yahapaalane? hehehe

    hitan Friday, 15 April 2016 05:10 PM

    jayaweva to the people who wanted a change..you have got it full throttle via DM Android App

    rw Friday, 15 April 2016 05:37 PM

    where is the sound of deal Kumara via DM Android App

    Sutharman Friday, 15 April 2016 06:10 PM

    Thank you so much YAHAPALANA . Greatest gift from government for those who all voted.

    ANTON Friday, 15 April 2016 06:11 PM

    VAT IS VACUUM AIR TUBE THAT SUCKS OUR MONEY.

    Jimmy Friday, 15 April 2016 06:23 PM

    15% tax on private health care is unforgivable. There is no equipment or medicine in government hospitals. However the number of minister are at 92 and climbing. This is what happens when people who have no children are told to run a country. Short term look, tax, sell the country to India and be in power. This is what the vote for change brought us.

    Citizen Sunday, 17 April 2016 01:51 PM

    Why is the JVP maintaining a dark silence against this evil tax increase especially on health care via DM Android App

    Asanka Amarasekara Friday, 15 April 2016 07:16 PM

    People get the government they deserve. For the 6.2 million voters, lay back and enjoy the ride (LOL)!

    Arnold Friday, 15 April 2016 08:17 PM

    I am sure Ravi K has been heavily bribed by MR to mess up the economy. We voted in this govt to bring back the stolen money and not to put the burdens on our heads.

    Thanos Friday, 15 April 2016 08:50 PM

    HAPPY NEW YEAR!

    Premalal Friday, 15 April 2016 09:12 PM

    MS

    Daddy Friday, 15 April 2016 09:38 PM

    This only strengthens the Economy as our tax revenues are below recomended level

    lal Friday, 15 April 2016 09:39 PM

    You do realize if not for kings loans their wouldn't be any need for tax revenue increase?

    anja Friday, 15 April 2016 09:39 PM

    Whr is our PM of brain via DM Android App

    Shan Friday, 15 April 2016 10:01 PM

    This is not VAT, but RAT (Ravi added Tax)

    buffolows Friday, 15 April 2016 10:07 PM

    Good excuse for the parliamentarians to get another increase (of salary,or allowances or otherwise) in addition to their fat renumirations already enjoyed by them (not forgetting the meals given in the parliament's canteen at a ridiculeous price to fed them fat)

    Amila Friday, 15 April 2016 10:32 PM

    Every time when you get ill pay VAT to government . How is that . Three idiots distroying the economy and county. via DM Android App

    jith Friday, 15 April 2016 11:29 PM

    Yahapalanaya made many promises. 6.2 m believed and gave them the control. They crash landed the first flight in Jan 2015 with 100 day program. The ship started drifting from yahapalanaya. Unperturbed, they kept on fishing from the vipakshaya for new fish with portfolios baits. promise of walking together turned war-king together. Now the ship is sinking. Clearly the signs are that it could be the beginning of the end.

    Cheers Saturday, 16 April 2016 02:10 AM

    Now the voters can be very happy for the change you wanted

    econ Saturday, 16 April 2016 03:14 AM

    Next year this will go to 20%

    annoyed Saturday, 16 April 2016 03:54 AM

    No one welcome taxes...understandable. we can point the finger at jumbo cabinets etc. But one should not keep a blind eye on current debts of th country n what they had been taken for. We can also keep arguing on size of the cabinet. If not given those selfish politicians will join hands with failed regime and there are millions of public who would joing them. So whats the solution? If SL has 10 patriots it can make a difference, if people know the meaning of patriotisam.

    CitizenPerera Saturday, 16 April 2016 04:16 AM

    The biggest and probably the STUPIDEST government in the world in proportion to population density. Subha Anaagathayuk.

    Madlin Saturday, 16 April 2016 04:58 AM

    This is the penalty we all have to pay for the sins MR and his clan did during the last 10 years. We all lived in a fantasy world with borrowed money where a major portion was robbed by the MR clan. via DM Android App

    Veda-mama Saturday, 16 April 2016 05:24 AM

    Oh! Yea!! They will need more and more money to maintain the Jambo-la Cabinet.

    Premalal Saturday, 16 April 2016 07:12 AM

    With Ravi. K as the FM nobody need bribe anybody to mess up, he will do a fine job.

    Premalal Saturday, 16 April 2016 07:13 AM

    PM is there but his brain is frozen.

    Premalal Saturday, 16 April 2016 07:15 AM

    This country is becoming unlivable.

    Kolla Saturday, 16 April 2016 07:31 AM

    Idiots like Onlooker think the govt magically creates money to pay back loans!

    Kolla Saturday, 16 April 2016 07:33 AM

    Our economy is in crisis due to MR taking loans for projects without revenues taxes are the only way to pay them back

    Premalal Saturday, 16 April 2016 07:33 AM

    This must be the only government in world which imposes tax on health and education. It is not only wrong but immoral. The curse of the people will be upon MS and RW.

    Killi Saturday, 16 April 2016 07:34 AM

    First MR should pay back the loans taken to build things in his name

    Lal Saturday, 16 April 2016 07:35 AM

    At least these guys know to deal with a debt crisis unlike MR who kept worsening the crisis with more white elephants

    Youth Saturday, 16 April 2016 07:38 AM

    It's a disgusting how Rajapaksa supporters would rather let SL go bankrupt than pay extra taxes for their loans

    Youth Saturday, 16 April 2016 07:39 AM

    Yep this is the change we wanted. Why don't you read how your King took loans when our tax revenues are below recomended level

    Youth Saturday, 16 April 2016 07:40 AM

    Our current tax revenue per GDP of 11 is not enough. In order to exit debt crisis we need at least 20

    Andrew Pitugala Saturday, 16 April 2016 07:49 AM

    Happy New Year for the MPs only !!!!!

    Citizen Saturday, 16 April 2016 07:53 AM

    The pundits at Finance Ministry and Minister himself should resign immediately. Increased VAT will burden every citizen of the country making living difficult. Opposition will go to town on this issue and it won't be difficult to influence the masses. If the Government wants to stay in power till they at least carry out the reforms and move the country forward they should rethink the VAT increase. It is better to increase the Corporate tax by around 5% on a short term which will only reduce the profits of the Companies and Banks and ordinary people will not be affected.

    Sapu Saturday, 16 April 2016 07:53 AM

    Ranil doesn't take populist decisions. Economists said SL need to increase VAT and he did it

    karthi Saturday, 16 April 2016 07:58 AM

    Now that we have put them into power and we can see many more increases in Taxes to keep up with their promises made at the elections. Not to worry the end result is the rich will become more richer and the poor will become more poorer.

    Bandula Saturday, 16 April 2016 08:35 AM

    What a disgrace to have Ravi K to manage the economy. How many amendments we had to the budget. He destroyed CWE in 2003 and now the country. via DM Android App

    Onlooker Saturday, 16 April 2016 08:35 AM

    Even present govt. Go to foreign countries and boast about what was achieved by the king , to gain their needs.

    Jagath Saturday, 16 April 2016 08:37 AM

    Who are the 3 idiots?

    Onlooker Saturday, 16 April 2016 08:37 AM

    Yes, RW is expected to go to Panama very soon to collect our money, he he.

    Onlooker Saturday, 16 April 2016 08:41 AM

    Why is " Rathu Ali Petiya " and his set of jokers maintaining their golden silence. The masses arE ready for them too, with " madu waligeys ".

    kassa Saturday, 16 April 2016 08:52 AM

    this is the opposite of what we expected. if they keep doing this they wont survive long. RK has got no idea about the peoples thoughts and expectations. via DM Android App

    Onlooker Saturday, 16 April 2016 08:54 AM

    Yahapalana jokers what have you got to say now? . Nothing than admitting all what was said by Bandula, Udaya, Wimal etc is correct to the core. All of you own an apology to them.

    Onlooker Saturday, 16 April 2016 12:28 PM

    Yahapalana and their idiotic followers are showing magic to the masses

    Onlooker Saturday, 16 April 2016 12:32 PM

    Even idiots can understand, reduce the number of ministers and control their perks will ease the burden rather than by increasing them. Prejudiced idiots are not prepared to accept this.

    disgraceful Saturday, 16 April 2016 03:23 PM

    VAT on healthcare is disgraceful. Obviously its not a problem for the ministers as they get their health services from Singapore via DM Android App

    Premalal Saturday, 16 April 2016 03:37 PM

    Every time we think that we have voted the worst government out, we vote a worst one in.

    Sapu Saturday, 16 April 2016 06:58 PM

    Onlooker I dont think calling hima dictator,Isolationist,Economic nationalist is "boasting"

    Sapu Saturday, 16 April 2016 06:59 PM

    You are just showing your stupidity and blind worship of those three idiots

    Unchikun Friday, 15 April 2016 01:30 PM

    Oh! This justifies the salary and allowance increase to the MP. After all they as so hard working, singing, dancing and waving sticks on TV.

    Anon Friday, 15 April 2016 01:31 PM

    HOW TO DESTROY AN ECONOMY 101!!

    raju Friday, 15 April 2016 01:41 PM

    Ah what lovely way to say happy new year by ravi.k....jokers why dont you reduce the expenses of parliament close the unwanted and unnecessary ministries and departments then you will see an immediate cost benefit

    Colonel Friday, 15 April 2016 02:22 PM

    Oh how i wish it was an April fools joke.


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