VAT revision: President calls for immediate meeting

4 July 2016 08:59 am Views - {{hitsCtrl.values.hits}} 10 Bookmark

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Against the backdrop of mounting public unrest against the recent hike of Value Added Tax (VAT), President Maitripala Sirisena has called for a meeting with the officials of Inland Revenue Department today for a discussion on the possibility of revising it, it is learnt.

The prices of a number of items and services rose as a result of the increase of VAT and the Nation Building Tax (NBT). Wholesale and retail traders took the streets in many areas closing their shops and protested against the move.

Trading activities in some towns and cities were ground to a standstill as a result, on some days. President Sirisena announced publicly that he would take steps to cushion the burden caused by the tax hikes.

Accordingly, a meeting will take place today afternoon at his office with the officials of the Department and the other stakeholders to see the possibility of revising certain tax rates.

VAT rate was increased from 11 per cent to 15 per cent. Also, VAT exemptions granted to health and telecommunication services were done away with. Besides, the threshold for VAT on wholesale and retail trade was expanded making more and more traders liable for tax payment.(Kelum Bandara)

Comments - 10

lokka Monday, 04 July 2016 09:11 AM

aiyo sirisena via DM Android App

0 2

Hitapang Machan Monday, 04 July 2016 09:14 AM

one of the useless finance minister have got in the history via DM iOS App

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lokka Monday, 04 July 2016 09:16 AM

Haiyo sirisena via DM Android App

0 2

Anti-VAT Monday, 04 July 2016 09:38 AM

VAT is supposed to be removed from Health and Telecommunication.HE must order immediate refund of those who were unfairly and inconsiderately taxed. via DM Android App

0 2

charles Monday, 04 July 2016 09:47 AM

Revise Vat on essentials only.

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Sanje Monday, 04 July 2016 10:10 AM

Hon. President.This meeting would have being called sooner the VAT was imposed. My Son's hospital bill was over 200,000 and payed VAT alone over 20,000/-.. We are not Insured too.FYISanje

1 1

suda Monday, 04 July 2016 01:05 PM

Just meeting no actions in world few hours last for days

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Dr.Zaheer Monday, 04 July 2016 02:27 PM

It would be a blessing in disguise. However it will not be a sugar coated bitter pill.

0 2

Ajith Monday, 04 July 2016 04:48 PM

Please tax more now so that you can reduce it in the election year.

1 1

Onlooker Monday, 04 July 2016 06:01 PM

NATO, NATO.

0 1

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