Oct 25, 2016 (LBO) – Sri Lanka’s much delayed Value Added Tax (VAT) amendment bill under the equitable taxation principle will be debated in parliament, Wednesday, the Finance Ministry said in a statement.
“The newly proposed VAT system is very simple and transparent,” Ravi Karunanayake, Minister of Finance said in the statement.
VAT was introduced to Sri Lanka in 2002 as a goods and services tax at the rate of 10 percent and by 2006 it was increased to 20 percent.
Meanwhile, the Supreme Court has informed the Speaker that the VAT amendment bill complies with the Constitution, Deputy Speaker Thilanga Sumathipala informed Parliament earlier, Tuesday.
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