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New VAT Bill will remove all existing hidden taxes - Ravi

New VAT Bill will remove all existing hidden taxes - Ravi: The new Value Added Tax (VAT) Amendment Bill which would introduce an Equitable Taxation system under the norm of tax fundamentals is scheduled to be debated and passed in parliament Wednesday ( 26).


The VAT system has been simplified under the new Amended Bill by making it transparent and removing all existing hidden taxes said the Minister of Finance Ravi Karunanayake.


Value Added Tax or VAT was introduced to Sri Lankan tax system in 2002. �It was 10% at the initial stages and was charged only for goods and services. �However, VAT was increased from time to time and, it was 20% in 2006. VAT was imposed on whole sale and retail goods as well for the first time under the previous regime in 2013.
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