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  • Statement Issued by The Hon Prime Minister - July 11 - 2016

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    The full statement by the Prime Minister on the Supreme Court decision on VAT, NBT follows; On 11 July 2016, the Supreme Court of the Democratic Socialist Republic of Sri Lanka has issued an interim order preventing the implementation of the recent revisions made to the Value Added Tax (VAT) and the Nation Building Tax (NBT) until the relevant legislation is passed by the Parliament. This interim order is not expected to have any adverse impact on the government’s revenue collection. The VAT (Amendment) Bill has already been presented to the Parliament for the first reading on 08 July 2016, and the second reading is expected on 23 July 2016. The Unity government, which has a clear majority in the Parliament, expects the legislative process to be completed before the end of the month of July 2016. Thereafter, the revised rates will be applicable with effect from 02 May 2016.

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    Statement Issued by the Hon Prime Minister - July 11_2016

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    The full statement by the Prime Minister on the Supreme Court decision on VAT, NBT follows; On 11 July 2016, the Supreme Court of the Democratic Socialist Republic of Sri Lanka has issued an interim order preventing the implementation of the recent revisions made to the Value Added Tax (VAT) and the Nation Building Tax (NBT) until the relevant legislation is passed by the Parliament. This interim order is not expected to have any adverse impact on the government’s revenue collection. The VAT (Amendment) Bill has already been presented to the Parliament for the first reading on 08 July 2016, and the second reading is expected on 23 July 2016. The Unity government, which has a clear majority in the Parliament, expects the legislative process to be completed before the end of the month of July 2016. Thereafter, the revised rates will be applicable with effect from 02 May 2016.

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    © All Rights Reserved
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    5K views1 page

    Statement Issued by The Hon Prime Minister - July 11 - 2016

    Uploaded by

    decode76
    The full statement by the Prime Minister on the Supreme Court decision on VAT, NBT follows; On 11 July 2016, the Supreme Court of the Democratic Socialist Republic of Sri Lanka has issued an interim order preventing the implementation of the recent revisions made to the Value Added Tax (VAT) and the Nation Building Tax (NBT) until the relevant legislation is passed by the Parliament. This interim order is not expected to have any adverse impact on the government’s revenue collection. The VAT (Amendment) Bill has already been presented to the Parliament for the first reading on 08 July 2016, and the second reading is expected on 23 July 2016. The Unity government, which has a clear majority in the Parliament, expects the legislative process to be completed before the end of the month of July 2016. Thereafter, the revised rates will be applicable with effect from 02 May 2016.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Statement by the Hon.

    Prime Minister on the Supreme Court Decision


    on VAT and NBT

    On 11 July 2016, the Supreme Court of the Democratic Socialist Republic of Sri Lanka has
    issued an interim order preventing the implementation of the recent revisions made to the
    Value Added Tax (VAT) and the Nation Building Tax (NBT) until the relevant legislation is
    passed by the Parliament.
    This interim order is not expected to have any adverse impact on the governments revenue
    collection. The VAT (Amendment) Bill has already been presented to the Parliament for the
    first reading on 08 July 2016, and the second reading is expected on 23 July 2016. The Unity
    government, which has a clear majority in the Parliament, expects the legislative process to
    be completed before the end of the month of July 2016. Thereafter, the revised rates will be
    applicable with effect from 02 May 2016.

    July 11, 2016

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