VAT on residential apartments from December, not from October 1

10 November 2022 04:37 am - 9 - {{hitsCtrl.values.hits}}

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The Value Added Tax (VAT) liability on residential condominiums will commence from December 1, 2022, instead of October 1, 2022.

KPMG Principal Tax Suresh R.I. Perera said at the hearing of the petitions challenging the VAT Amendment Bill, under Articles 120 and 121 of the Constitution, the state had informed the court that the Committee Stage amendment would be introduced to the bill in order for VAT liability on residential condominiums to commence from December 1, 2022, instead of October 1, 2022.

Hence, the exiting VAT exemption on residential condominiums will continue till the end of November 30, 2022.

The determination of the Supreme Court with regard to the other submissions by the petitioners pertaining to the VAT Amendment Bill is likely to be conveyed to the Speaker of Parliament by November 14, 2022, as per the time of three weeks provided for in the constitution.

Similarly, in an earlier occasion, the Attorney General informed the court during the hearing of the petitions filed in the Supreme Court challenging the Inland Revenue Amendment Bill, the tax reforms proposed with regard to individuals would begin from December 1 and not from October 1 as referred in the bill.

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Comments - 9

Percy Wijenayake Thursday, 10 November 2022 07:08 AM

Introduce legislation to make private developers pay for the cost of upgrading associated infrastructure for the project. eg. Water supply, sewerage, power, parking facilities, etc, which can be passed on to the buyer in the apartment price.

Curious Thursday, 10 November 2022 07:09 AM

Buyers of residential condominiums in Sri Lanka have no legal safeguards. They will get the Title Deeds after the full payment if the Developer is honest. The most educated Jaffna Tamil property developer with two rows of educational qualifications under his name simply vanished into the blue ocean leaving the buyers in the streets. Government should regulate the sale procedures of condominiums before levying further taxes.

ram Friday, 11 November 2022 07:13 AM

for the last 8 years everyone pay extra money for obtaining water, drainage and electricity connection as described capital recovery charges, installing sub station cost with space etc. dog you want the public to pay additional all expense for infrastructure of construction in addition to already paying all taxes.

Curious Thursday, 10 November 2022 07:09 AM

Buyers of residential condominiums in Sri Lanka have no legal safeguards. They will get the Title Deeds after the full payment if the Developer is honest. The most educated Jaffna Tamil property developer with two rows of educational qualifications under his name simply vanished into the blue ocean leaving the buyers in the streets. Government should regulate the sale procedures of condominiums before levying further taxes.

citizen Thursday, 10 November 2022 08:05 AM

stop taking taxes and go home ass holes

Citizen Thursday, 10 November 2022 12:35 PM

Can the news also mention what is vat reform? So the general public will be aware what coming ahead

Athk69 Thursday, 10 November 2022 04:47 PM

Why is KPMG, a private Audit firm issuing statements for the government?

Nalin Perera Thursday, 10 November 2022 06:37 PM

Very good. as it is there are too many apartment buildings all over cities and even coastal areas. Most people purchase them as investments which means they have extra money or are trying to pay less in taxes.

Percy Friday, 11 November 2022 08:02 AM

KPMG, is a firm recognized in the world and their knowledge is invaluable and must be adopted by the Government.

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VAT on residential apartments from December, not from October 1

Comments - 9

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