Finance Ministry delays budget proposals on VAT & NBT

Jan 13, 2016 (LBO) – Sri Lanka’s Finance Ministry has suspended implementing the budget proposals on VAT and NBT until the relevant legislative enactments are passed by Parliament.

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However, considering the cost of living impact, restriction on the exempt supplies applicable on wholesale and retail trade (deemed VAT) is removed with effect from 01.01.2016, the ministry said in a statement.

Budget 2016 proposed several amendments to Value Added Tax (VAT) and Nation Building Tax (NBT).

Meanwhile the ministry further stated that vehicle importers who have imported motor vehicles for personal use on LCs opened before Budget 2016 are permitted to be cleared from the Customs by paying the Duties under the rate prevailed at 20.

11.2015, without paying any demurrage.