Wholesale and retail trade excluded from VAT

20 November 2015 07:58 pm - 0 - {{hitsCtrl.values.hits}}

A A A

Finance Minister Ravi Karunanayake said yesterday the wholesale and retail trade would be excluded from Value Added Tax (VAT).
The 2013 budget introduced a 12 percent VAT on supermarkets, wholesalers and retailers who had a turnover exceeding RS.500 million for a quarter. The 2014 budget brought the threshold down to Rs.250 million per quarter and the 2015 budget further brought it down to Rs.100 million per quarter.
Though the VAT was imposed on the pretext that these entities were making higher profits, the impact of the VAT was eventually passed on to the customers.Now, the new national unity government is doing away with the VAT on them and the prices should ideally come down.

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

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Wholesale and retail trade excluded from VAT

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

“Ranil Ralla” : Will Wickremesinghe ride on a winning wave?

On-arrival visa fiasco drains VFS Global’s confidence in Sri Lanka

Government defends outsourcing of visa process

Racism, body-shaming fly high with Air Belgium crew against SriLankan staff

Kumar Sangakkara’s relative’s house, gutted by fire in Kandy

Supreme Court rules Diana Gamage ineligible for parliamentary seat

MIRROR CRICKET

Former netball star Kretser to head CDTA

Sri Lanka Cricket raises player fees across all formats

Plans approved for £61.8m redevelopment of Lord’s

Sri Lanka great tips Sanju Samson to thrive at T20 World Cup

TODAY'S HEADLINES

Battery-operated toys pose risks to kids

1,000 Sri Lankan mercenaries in Russia -Ukraine war front as mercenaries

Homagama jewellery shop robbed at gunpoint

SJB nominates Mujibur as MP despite request to appoint a woman representative in place of Diana

Former netball star Kretser to head CDTA

Former SL netball captain fails doping test

Plans approved for £61.8m redevelopment of Lord’s

Sri Lanka announces squad for T20 World Cup 2024