Value Added Tax : with effect from 1st November 2016

Revision of VAT Rate The VAT rate on supply of Goods or Services including the supply of Financial Services has been revised. From 02.05.2016 to 11.07.2016 rate is 15%, from 12.07.2016 to 31.10.2016 rate is 11% and for any period from 01.11.2016 15%. the liable limit for registration of VAT by a person carries on any taxable activity other than wholesale or retail trade but including Financial Services is reduced to Rs. 3 million for a taxable period of three months or 12 million in the twelve months period. The requirement for the registration by any person or partnership shall arise with effect from May 02, 2016 where the value of supply of them exceeds Rs. 3 Mn for the taxable period commenced on or after April 01, 2016. Liable threshold for VAT registration for wholesale and retail trade for any consecutive period of 3 months in a calendar year is reduced from Rs.100 million to Rs. 12.5 million with effect from November 01, 2016.