Value Added Tax (VAT)

Value Added Tax (VAT) [Amendments to the Value Added Tax Act, No.14 of 2002]

(1) The piece based VAT rate applicable on domestic sale of certain garments by the export oriented BOI companies will be revised from Rs.75/- to Rs.100/-

 

(2) The term “locally produced rice products” will be re-defined for the purpose of clarity and certainty.

 

(3) VAT imposed on the supply of condominium housing units will be implemented with effect from April 1, 2019 where deed of agreement relating to such supply is not executed prior to April 1, 2019.

 

(4) Provisions will be incorporated in the VAT Act, enabling the Minister to prescribe the basis for chargeability of VAT on certain goods as may be determined by the Minister, with the view of revenue protection.

 

(5) Pharmaceutical machineries will be re-defined for the purpose of VAT Act.

Leave a Reply

Your email address will not be published. Required fields are marked *