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Govt. backtracks on VAT, NBT revisions in Budget 2016

14 January 2016 02:51 am - 0     - {{hitsCtrl.values.hits}}

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The amendments proposed to the Value-Added Tax (VAT) and Nation Building Tax (NBT) proposed in Budget 2016 would not be implemented until the relevant legislative enactments are passed by Parliament, Finance Ministry yesterday said in a statement.  

However, the proposed exemption of deemed VAT on wholesale and retail trade would come into effect from January 1, 2016, considering its impact on cost of living, the statement noted.

Further, vehicle importers, who have imported motor vehicles for personal use on letters of credit (LCs) opened before Budget 2016, are permitted to be cleared from the Customs by paying the duties under the rate prevailed at November 20, 2015, without paying any demurrages.

The 2016 Budget proposed to increase the NBT to 4 percent from 2 percent and to revise the tax threshold to Rs.3 million per quarter from the previous Rs.25 million per quarter. 

The Budget also proposed to revise the present single VAT rate to three bands—0 percent for export of goods and provision of services outside Sri Lanka, a standard rate of 8 percent for manufacturing or import and selling of goods and a higher rate of 12.5 percent for the 
services sector. 

 
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