Press briefing of Cabinet Decision taken on 2018-10-23

Submission of the Gazette Notifications published under the Value Added Tax Act in Parliament for Approval

- In terms of the provisions of the Value Added Tax Act, No. 14 of 2002, any Order published in a Gazette Notification should be presented in Parliament for approval. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance and Mass Media, to submit the Gazette Extraordinary Notification No.2088/2 dated 10th September, 2018 declaring the date of implementation of the Tourist VAT Refund Scheme (TVRS) to refund the VAT paid on goods purchased by the tourists, Gazette Extraordinary Notification No.2088/25 dated 11th September, 2018 specifying the goods on which the VAT is refundable under the aforesaid scheme, the minimum value of such goods and the scheme of refund, Gazette Extraordinary Notification No.2089/13 dated 17th September, 2018 reducing the rate of VAT applicable on the import of fabric up to 5% considering the impact on small scale manufactures due to the importation of fabric being made liable for VAT and the Gazette Extraordinary Notification No.2089/20 dated 18th September, 2018 reducing the VAT rate applicable on import or import and supply of sugar from 15% to 0%, in Parliament for approval, was approved by the Cabinet.