Full List Of Vat Exempted Goods And Services
Monday, 02 May 2016 - 16:30
The decision to increase the Value Added Tax or VAT from 11 per cent to 15 per cent comes into effect from today.
The Ministry of Finance said the VAT will only be increased on a selected few sectors and not on essential goods.
The VAT was charged at 11 per cent thus far. According to the new amendment, the VAT on various goods will increase by four per cent.
The new VAT amendment will affect the health and communication sectors.
The Nation Building Tax and Share Transaction Levy have also been amended.
The VAT rate has been increased to 15% while the threshold for the registration for VAT is now 3 million rupees per quarter or 12 million rupees per annum.
Wholesale and retail trade, other than by a manufacturer or importer, is liable for VAT and tax will be charged only on liable supplies.
The restriction on exempt supplies deemed VAT, has been removed.
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