If VAT is charged, VAT registration certificate must be displayed

18 January 2024 12:01 pm Views - {{hitsCtrl.values.hits}} 16 Bookmark

CHATURANGA PRADEEP SAMARAWICKRAMA Follow

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Yatiyantota, Jan 18 (Daily Mirror) - Every business or industry with a turnover of Rs. 80 million per annum must be registered for Value Added Tax (VAT), and the VAT registration certificate must be displayed so that everyone can see it, Finance State Minister Ranjith Siyambalapitiya said.

While addressing the media after a meeting in Yatiyantota this morning, he said although the current limit for paying VAT is Rs. 80 million per year, necessary legislative arrangements will be made to bring the annual turnover down to Rs. 60 million soon.

He also said that if the VAT registration number is not displayed, there is no hindrance to the Inland Revenue Department to take legal action against those who do not do so.

Comments - 16

Janaka Thursday, 18 January 2024 12:31 PM

Good move. There are eating places like restaurants that add-on VAT but don't show VAT registration no. Can there be a publicly available register online that consumers and customers could easily check and verify registration and currency. It is doubtful if they are genuinely registered for VAT given that they are unlikely to meet the mandatory registration threshold. Australia has an Australian Business Number (ABN) for GST registration and information is available on a public Australian Business Register (ABR).

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Be fair all must pay taxes, or no one pays taxes. Thursday, 18 January 2024 12:43 PM

IRD should ask every bank - branch to send it their 50 highest monthly depositors list and IRD should send a mobile team (flying squads) to visit those companies in each town and check their VAT and TIN numbers etc. When the village news goes that all large business ventures are getting visited, the rest will sone start getting regisitered. FIrst limit their mandate to ensure registration numbers and certificates are in place. pay the officers a bata for the outstating travel. Its yet worth it. Have a follow-up team that will visit the non complied companies after 7 working days and either get them to register or fine them.

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DH Thursday, 18 January 2024 01:02 PM

Good move. The worst thing that could happen is businesses keeping VAT money to themselves.

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Maina Thursday, 18 January 2024 01:19 PM

If for commercial purposes, VAT clam would be possible.

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Asanga Thursday, 18 January 2024 01:42 PM

What about Fuel filling stations? They have to produce a VAT bill on request right?

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Sambo Thursday, 18 January 2024 02:14 PM

So the same must be displayed on the electricity bills, water bills and telephone bill. As a customer I should know how much vat I pay on these bill.

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Sivalingam Thursday, 18 January 2024 02:53 PM

Pettah traders are selling smuggled items, NO VAT, no tax, only cash business.

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Avery Markham Thursday, 18 January 2024 02:54 PM

Make all VAT registered organizations cashless. Easy to catch the tax evaders.

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ERAN Wicks Thursday, 18 January 2024 02:55 PM

Biggest tax evaders are at Havelock city.

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Ah Thursday, 18 January 2024 02:59 PM

Food outlets issue all tax inclusive invoice without breakdown. This system ought to be stopped by IRD and regular visit by food checking inspectors w.e.f

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Joshua Thursday, 18 January 2024 03:16 PM

There is no requirement under vat act to show the vat separately unless the customer is registered for vat. So do not talk bullshit without knowing the law.

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Ah Thursday, 18 January 2024 05:40 PM

Bull shit how do you know whether I am a vat registered customer or not

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Ah Thursday, 18 January 2024 05:45 PM

Moreover how the he'll do I know these guys charge vat also. Utter bull shit reasoning of vat acts

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Dee Thursday, 18 January 2024 03:51 PM

Good move. Because these people fleecing the consumers saying government imposed 18% vat . They are not even registered for vat! Wonder if Tution masters have also increased their fees saying vat has been increased by 18% - anyway they don’t even issue a receipt

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Layman Thursday, 18 January 2024 06:04 PM

As a layman my interpretation on vat is tax on VALUE ADDED. So how can any party charge VAT on Sales Price. May be Sales tax as an appropriate term to be used.

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Terrence K Friday, 19 January 2024 08:45 AM

Give the Gang at the Health Ministry who concocted the fake documents to purchase immunoglobulin to produce enough and more VAT numbers as they are Maestros who will do any dirty job for a pound of flesh and ensure that nothing could be detected and if detected to pass the buck to others!!!!!!!

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