VAT on fabric imports reduced to 5%

18 September 2018 12:00 am - 0     - {{hitsCtrl.values.hits}}

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The Finance and Mass Media Ministry yesterday announced the reduction of aValue Added Tax (VAT) on imported fabrics to 5 percent from 15 percent. 


The ministry said the reduction was carried out after listening to the requests made by large and small-scale fabric industry stakeholders.


Finance and Mass Media Minister Mangala Samaraweera signed the gazette notification in this regard yesterday. 


Earlier, fabric was subject to a Rs.100 per kilogramme cess at the time of import. The 2018 budget proposed to impose a 15 percent VAT on goods. 


The Value Added Tax Act No 14 of 2002 was amended accordingly and the new VAT scheme came into effect from August 16, 2018. 

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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

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