VAT Guide to Value Added Tax - sri lanka inland revenue ...

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• Services provided by international schools • Security and janitorial services • Supply of land and buildings to such organizations • Repairs & maintenance of buildings of such organisations • Maintenance Services on vehicles or other equipments owned by such organizations. • Supply of office equipment(computers, photo copiers, fax machines etc) to such organisations • Customs clearing services, transport services • Courier services, and insurance services provided to such organisations • The services provided by an Auctioneer to such organisations This list is now being reviewed to check whether reciprocal benefits are available in other countries with the information obtained from Sri Lankan Missions abroad with the assistance of the Ministry of Foreign Affairs. 20.3 i. All the individuals working in or working for a Diplomatic Mission are not privileged persons. They are being separately identified by the Ministry of Foreign Affairs and an identity card (white colour) is issued to them. If they produce that Identify Card when they purchase above mentioned goods and services the supplier must not charge and collect VAT from them. ii. Diplomats with white identity cards are not entitle to VAT exemption on all the goods and services. At present the above mentioned goods and services have been identified as commonly exempted in all the countries. However on review if it is observed that some countries do not offer reciprocal benefits to Diplomats from Sri Lanka the names of these countries and the particular goods and services for which reciprocal benefits are not available will be separately published. Then the suppliers are not permitted to supply free of VAT, such goods and services, to Diplomats from those countries. 20.4 It is the responsibility of the supplier to identify correctly the person or the organisation before making supplies free of VAT. 20.5 The registered persons who makes such supplies to Diplomatic Missions and Privileged persons are not entitled to claim any input tax on such supplies and also they are required to keep adequate records of such supplies to Diplomats. The record should be available for inspection by the officers. 20.6 If any person is not a privileged person he is not entitled to the VAT exemption irrespective of the fact that funds are provided by his/her Diplomatic Mission/organisation to purchase or obtain above mentioned goods/services. (eg. The International Schools 114
must charge VAT on the fees paid for children of Non-Diplomatic staff even though the funds may have been provided by the Diplomatic Mission. White identity card is the criteria for identification of a privileged individual. 20.7 The other services which are not identified will be dealt with on a case by case basis. 20.8 Telecom & Electricity Board will be informed, on a case by case basis, not to charge VAT in respect of buildings rented or leased by Diplomatic Missions during the period of tenancy. 20.9. Diplomatic Missions include Embassies, High Commissions, U.N.O. and its agencies and other recognized organizations. 115
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But for the best to the September 0
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Preface The Value Added Tax Act was
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Chapter - 1 Introduction 1.1 Purpos
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However from the point of view of t
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The following test which has been a
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iv. Import of any fabric, yarn, gre
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Chapter - 3 The definitions of conc
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Eg. 1 : If “A” wants to termina
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c. Time of supply in relation to su
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Thus, any trade, business, etc. are
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a business in Sri Lanka and not to
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When the recipient is not a registe
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• There are two types of registra
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(ii) continued without making an ap
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(d) (e) (f) input credit has been c
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4.13 Activity Code Number “Suppli
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the H.S. classification it may be b
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5.8 Payment of tax on Assessments T
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5.11. Collection of VAT on Imports
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6.3 Approval For Deferment Facility
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iv. If an importer declares only pa
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6.6 Deferment on Local Supplies (Te
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7.4 Tax Invoice Tax invoice should
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7.11 Use of tax fraction to compute
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Lower Rate - 10% Goods and services
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Chapter - 9 Calculation of Tax 9.1
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accounted for in respect of all the
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transferred to a taxable activity a
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Eg. If A is an ice-cream vendor who
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(3) In the above case if the regist
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• claim (deduct) only the allowab
Page 64 and 65: • “Value of Supply” has to be
Page 66 and 67: VAT chargeable = 900,000 x 20% = 18
Page 68 and 69: • The Director General of Customs
Page 70 and 71: 10.5.6 Milk - item (iv) • Liquid
Page 72 and 73: (i) Insurance - xi(i) • Only the
Page 74 and 75: in Sri Lanka and consumed in Sri La
Page 76 and 77: Chapter - 11 Refunds 11.1 Unlike in
Page 78 and 79: 11.7 Set off of refunds against fut
Page 80 and 81: • To make an additional assessmen
Page 82 and 83: a genuine taxpayer who does not wis
Page 84 and 85: Penalties Tax payers should comply
Page 86 and 87: 15.3 Keeping of records regarding e
Page 88 and 89: 15.8 Example of a VAT Account VAT A
Page 90 and 91: the trading house or the other pers
Page 92 and 93: 16.4 Concessions available to Expor
Page 94 and 95: v. Importation of services are not
Page 96 and 97: Chapter - 17 Hire Purchase Transact
Page 98 and 99: (a) Under the existing provisions V
Page 100 and 101: y the hire-purchase company to the
Page 102 and 103: Chapter - 18 Leasing & VAT 18.1 Lea
Page 104 and 105: installments. Any VAT not recovered
Page 106 and 107: 18.13 Leasing inputs • Leasing in
Page 108 and 109: 18.15 Leasing Advance Sometimes it
Page 110 and 111: Thus output tax of B on the termina
Page 112 and 113: Chapter - 19 Mortgages 19.1 Mortgag
Page 116 and 117: Chapter - 21 Some Obligations Under
Page 118 and 119: However an adjusted figure must be
Page 120 and 121: Chapter 23 Construction Contracts 2
Page 122 and 123: Government agencies mentioned above
Page 124 and 125: Chapter - 24 Rulings 24.1 Following
Page 126 and 127: • None of the companies covered b
Page 128 and 129: which he has supplied to the garage
Page 130 and 131: instructions can be exempted if suc
Page 132 and 133: ii. iii. any other registration tha
Page 134 and 135: i. Membership fees and or subscript
Page 136 and 137: Chapter - 25 Zero Rated Supplies 25
Page 138 and 139: (ii) (iii) (iv) Services directly c
Page 140 and 141: Supply of facilities for crew chang
Page 142 and 143: 4. Yard to Port Transporting contai
Page 144 and 145: Chapter - 26 Travel Trade, Tourism
Page 146 and 147: ii. iii. But “travel insurance“
Page 148 and 149: 26.6 VAT ON MICE Tourism VAT rate a
Page 150 and 151: x. Supply of goods & vehicles free
Page 152 and 153: and for VAT purposes the two compon
Page 154 and 155: (i.e the lottery organizer) on whic
Page 156 and 157: The VAT charged on above should be
Page 158 and 159: 1.2.3 Other imported materials exce
Page 160 and 161: The sub-contract awarder should pay
Page 162 and 163: 2.3.1 Imported goods (except fabric
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5.2.2 To BOI garment manufacturing
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Annexure - 2 First Schedule to the
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4. Supply of any services to any Di
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Services 1. Electricity more than 3
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Sale before 01.08.2002 - GST Regime
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GST = (CIF + CD + Surcharge + Ex.Sp
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to indicate the date of payment of
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The period within which the Board o
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Mrs. S.N.P. Abrew - Senior Assessor
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