New GST and VAT Amendment Bill to be gazetted

New GST and VAT Amendment Bill to be gazetted

January 4, 2022   11:59 pm

The Cabinet of Ministers has given the approval to gazette the Special Goods and Services Tax Bill and the Value Added Tax (Amendment) Bill and to submit them for parliamentary approval.

The go-ahead was given to the relevant proposal tabled by Finance Minister during the Cabinet meeting held on Monday (January 03).

Both Budget 2021 and 2022 have proposed to replace the taxes and levies imposed under various statutory laws with a single tax that is managed online to increase the efficiency of tax collection on liquor, cigarettes, telecommunications, betting and gaming and vehicles.

Budget 2022 also proposed to increase the value-added tax on financial services and to exempt medical equipment, devices and chemicals donated to government hospitals and the Ministry of Health under epidemic or public health situation from the Value Added Tax.

Thereby, it was decided to gazette the Special Goods and Services Tax Bill and the Value Added Tax (Amendment) Bill prepared by the legal draftsman after receiving the Attorney General’s clearance.

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

Recommendations on admissions to KDU Medical Faculty: Annual admissions to be limited to 150 (English)

Recommendations on admissions to KDU Medical Faculty: Annual admissions to be limited to 150 (English)

'Healthcare is not just a service. It is a social necessity' - PM Harini (English)

'Japanese support for Sri Lanka's debt negotiations is commendable' – Harshana Suriyapperuma (English)

Current Tourism Act hinders inter-ministerial collaboration, Foreign Minister says (English)

LIVE🔴 Ada Derana Lunch Time News Bulletin 12.00 pm

'Will take legal action over the abduction in Weligama' - Minister (English)

Four provinces identified as high-risk zones for spread of dengue (English)

Vocational education will be crucial for Sri Lanka's renaissance – PM Harini (English)