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Value Added Tax (V A T)

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Value Added Tax (V A T)

Value Added Tax Acts

Value Added Tax Act no. 14 of 2002  ( Effective date 1st August 2002)

Value Added Tax (Amendment) Act  No. 7 of 2003

Value Added Tax (Amendment) Act  No. 13 of 2004

Value Added Tax (Amendment) Act  No. 6 of 2005

Value Added Tax (Amendment) Act No. 8 of 2006

Value Added Tax (Amendment) Act  No. 14 of 2007

Value Added Tax (Amendment) Act  No. 15 of 2008

Value Added Tax (Amendment) Act  No. 15 of 2009

Value Added Tax (Amendment) Act  No. 9 of 2011

Value Added Tax (Amendment) Act No. 7 of 2012

Value Added Tax (Amendment) Act No. 17 of 2013

Value Added Tax (Amendment) Act No. 07 of 2014

Value Added Tax (Amendment) Act No. 11 of   2015


With effect from 1st January 2016 to 1st May 2016 Value Added Tax Rate is 11% and with effect from 2nd May 2016 VAT rate is 15%.

 

Amendments to the Value Added Tax (VAT) - Amendments to the VAT Act shall be implemented with effect from 02.05.2016.

Value Added Tax (VAT) shall be amended as follows:

1. Value Added Tax (VAT)

  • VAT rate shall be increased to 15%.

  • Threshold for the registration for VAT shall be Rs.3 million per quarter or Rs.12 million per annum.

  • Wholesale and retail trade (other than by a manufacturer or importer) shall be liable for VAT and the tax shall be charged only on liable supplies. The restriction on exempt supplies (deemed VAT) shall be removed. Threshold for the VAT liability of wholesale and retail trade shall be reduced to Rs.3 million per quarter or Rs.12 million per annum.

  • Following supplies which are currently exempted shall be liable for VAT.

    • Supply of Telecommunication services,

    • Import or supply of telecom equipment or machinery, high tech equipment including copper cables for telecom industry

    • The issue of licenses to local telecom operators by TRC,

    • Supply of healthcare services

    • Supply of goods or services to any specified projects other than housing projects

 

 

 

V A T Registration

Temporary Registration
Following information will be required to open a temporary VAT file along with Form No. 12 issued by VAT Department

Registration of Limited Liability Company


Certified copy of

  • Business Incorporation Certificate
  • TIN (Tax Identification Number) Certificate
  • Copies of  Original Performa Invoice or fax copy of  Invoice
  • Bill of Lading
  • Copies of National Identity Card/s of Directors

Registration Partnership or Sole Proprietorship
  • TIN Certificate issued by Inland Revenue
  • Certified Copies of Business Registration (BR)
  • Copies of Identity Card of Partners
  • Copies of Performa Invoice or Fax copy of Invoice
  • Bill of Lading

Registration of an Individual
  • TIN Certificate issued by Inland Revenue
  • Copy of National Identity Card
  • Copies Original Performa Invoice or Fax copy of Invoice
  • Bill of Lading

Permanent Registration

Registration Requirement with effect from 1st January 2016

 

  • Taxable supply should exceed Rs. 3,000,000. 00 in any taxable period of one month or three months or

  • Taxable supply should exceeds Rs. 12,000.000.00 for any twelve months period

 


Limited Liability Company
Certified copy of

  • Article of Association
  • Business Incorporation Certificate
  • Form  1, 20, 13
  • TIN (Tax Identification Number) Certificate
  • Commercial Invoices for three months
  • Bank Statements as a proof for deposit of sales
  • Copies of National Identity Cards of all Directors


Partnership or Sole Proprietorship

  • TIN Certificate issued by Inland Revenue
  • Certified Copies of Business Registration (BR)
  • Copies of Identity Card of Partners
  • Commercial Invoices for three months
  • Bank Statements as a proof for deposit of sales


An Individual

  • TIN Certificate issued by Inland Revenue
  • Copy of Identity Card
  • Commercial Invoices for three month
  • Bank Statements as a proof for deposit of sales
 

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