Press briefing of Cabinet Decision taken on 2023-08-28

Amendment to the Value Added Tax Act, No.14 of 2002

- The approval has been granted at the Cabinet meeting held on 2023-06-05 for the amendment of the Value Added Tax Act, No.14 of 2002 and to abolish the Simplified Value Added Tax System with effect from 2024-01-01. Accordingly, the clearance of the Attorney General has been received for the Bill drafted by the Legal Draftsman. The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish the said Bill in the Government Gazette and thereafter, submit the same to Parliament for approval, was approved by the Cabinet.