Press briefing of Cabinet Decision taken on 2019-07-23

Value Added Tax (Amendment) Bill

- Approval of the Cabinet had been granted to amend the Value Added Tax Act, No.14 of 2002 to give effect to certain amendments indicated in the Budget proposals for the year 2019 on the VAT and to encourage the local construction industry as well as certain local industries using locally available materials. Accordingly, the proposal made by the Minister of Finance to publish the Value Added Tax (Amendment) Bill drafted by the Legal draftsman as per the prior approval, in the Government Gazette and thereafter, present the same in Parliament for approval, was approved by the Cabinet.