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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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Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

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