- Last Update 2025-06-08 13:18:00
VAT Bill debate in Parliament today
The controversial Value added Tax (amendment) Bill to taken up for debate today.
Member of the joint opposition (JO) in Parliament said they will move several amendments to the Bill to widen the scope of goods and services to be exempted from the tax particularly those linked to medical services.
The Supreme Court has ruled that the Bill is consistent with the Constitution.
In terms of the bill, VAT will be charged at 15 percent while the threshold of registration for VAT has been reduced from Rs. 3.75 million a quarter or Rs. 15 million a year to Rs. 3 million a quarter or Rs. 12 million a year.
The imposition of VAT applies among others to wholesale and retail trade where the threshold is more than Rs. 50 million a year or Rs. 12.5 million a quarter. The new rate will also be imposed on private health services other than diagnostic tests, dialysis, and OPD services excluding medical consultation, telecommunication services, tobacco products and powdered milk which contain added sugar or other sweetening matter.
Three other finance bills, namely the Ports and Airports Development Levy (Amendment), Nation Building Tax (Amendment) and Appropriation (Amendment) Bills will also be taken up today along with the VAT Bill.(CK)
-
Still No Comments Posted.
- May 31, 2025 - 484 - 0
Flt Lt Kasun Cumaratunga , more than a pilot, a guardian remembered on his 37th death anniversary
Kasun, was born in 28th Sept 1964, the grandson of the legendary author and linguist Munidasa Cumaratunga and son of SSP Bindu Kumaratunga and Winifred
- June 2, 2025 - 450 - 0
National Tax week launched
The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.
- June 2, 2025 - 358 - 0
SriLankan Airlines’ new A330 Fleet to perform low fly past over Colombo on Wed.
- June 3, 2025 - 197 - 0
Krishanthi Kumaraswami convicts FR dismissed by SC
The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.
- June 6, 2025 - 191 - 0
SriLankan flight grounded in Indonesia
A SriLankan airlines flight has been grounded in an airport in Indonesia due to a technical defect leaving 93 passengers stranded, an official said.
Related Articles
Four drowned in Aralaganwila
- 08/06/2025 - 9 - 0
Police probe theft of Macaw from Zoo
- 08/06/2025 - 15 - 0
Discarded soft toys make garbage tractor appealing
- 08/06/2025 - 63 - 0
Your Sunday Times highlights for this week
- 07/06/2025 - 96 - 0
Leave Comments