Press briefing of Cabinet Decision taken on 2019-01-07

Presenting of the Gazette Notifications in Parliament for approval

- Seven Gazette Notifications have been issued under the provisions of the Excise (Special Provisions) Act, No.13 of 1989 and the Value Added Tax Act, No.14 of 2002 in order to implement several policy decisions with regard to fiscal revenue. The approval of Parliament should be obtained within the time period stipulated in the Acts in respect of any Order issued under the same. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance & Mass Media, to submit the Gazette Notification No.2080/31 of 17th July 2018 for the removal of conditions to release motor vehicles from the Sri Lanka Customs before 2018‑04‑03, the Gazette Notification No.2082/11 of 31st July 2018 for the revision of Excise duty on cigarettes, the Gazette No.2082/10 of 31st July 2018 for revision of Excise duty on motor vehicles with engine capacity more than 1000 CC, the Gazette Notification No.2083/2 of 06th August 2018 for the limitation of concessionary terms for importation of motor vehicles, based on the LCs established on or before 2018‑08‑01, the Gazette Notification No.2088/2 of 10th September 2018 for the introduction of Tourist VAT Refund Scheme (TVRS), the Gazette Notification No.2088/25 of 11th September 2018 for the Prescribed minimum refundable value under TVRS and the Gazette Notification No.2089/20 of 18th September 2018 for the Reduced VAT rate applicable on importation of sugar, in Parliament, for approval, was approved by the Cabinet.