10 November 2022 04:37 am Views - 6836
The Value Added Tax (VAT) liability on residential condominiums will commence from December 1, 2022, instead of October 1, 2022.
KPMG Principal Tax Suresh R.I. Perera said at the hearing of the petitions challenging the VAT Amendment Bill, under Articles 120 and 121 of the Constitution, the state had informed the court that the Committee Stage amendment would be introduced to the bill in order for VAT liability on residential condominiums to commence from December 1, 2022, instead of October 1, 2022.
Hence, the exiting VAT exemption on residential condominiums will continue till the end of November 30, 2022.
The determination of the Supreme Court with regard to the other submissions by the petitioners pertaining to the VAT Amendment Bill is likely to be conveyed to the Speaker of Parliament by November 14, 2022, as per the time of three weeks provided for in the constitution.
Similarly, in an earlier occasion, the Attorney General informed the court during the hearing of the petitions filed in the Supreme Court challenging the Inland Revenue Amendment Bill, the tax reforms proposed with regard to individuals would begin from December 1 and not from October 1 as referred in the bill.