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

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(ii) (iii) (iv) Services directly connected with any repair of any foreign ship or aircraft – is zero rated Foreign ship/Aircraft means a ship or aircraft registered in a foreign country or owned by a person not in Sri Lanka (It may as will be a chartered/leased vessel or aircraft) Repair does not include maintenance. Services directly connected with the repair/refurbishment of marine cargo containers.- (These should be containers currently in use and not the containers transferred along with the goods). Services directly connected with any goods imported for re-export - This is applicable to goods imported for re-export without any processing (Entre-pot trade) Services directly connected with the use outside Sri Lanka of any intellectual property such as patents, copyrights etc. Eg. Preparation of agreements, consultations or any other advise etc., on such use of property. Services directly connected with the “International transportation” of goods/passengers - This will include trans-shipment. For the definition of international transportation see para 25.4. Zero rating is available to the carrier who may be the charterer of the ship or air craft but not the owner unless the owner himself undertakes the transport. Following will be considered as services directly connected with international transportation for the purpose of zero-rating: (Vide Gazette No.1201/9 of 11.09.2001 and 1246/21 of 26.07.2002.) (a) Services provided by airlines, and shipping lines engaged in International transportation - Any other mode of transport included in a “package” will not qualify. (Only upto a harbour or airport in Sri Lanka in the case of imports – landing/delivery are excluded). (b) Following services provided by the Airport and Aviation Services (Sri Lanka) Ltd., i. Aircraft landing/parking, over flying ii. Aircraft over flying, or iii. Provision of day rooms & showers to transit passengers 138
(d) (e) (f) (c) Following services provided by Sri Lanka Ports Authority (SLPA) in relation to the international shipping only - i. SLPA Tariff – Section I -Navigation and related services ii. SLPA Tariff–Section II -Stevedoring and Harbour Tonnage Dues iv. SLPA Tariff – Section III – Landing & delivery and shipping (Excluding landing/delivery of imports unless such services are carried out under a specified carriage contract according to the documents of carriage issued by a freight forwarder who is registered with the Central Bank of Sri Lanka); and iv. SLPA Tariff – Section IV – General Services rendered to International Shipping lines. v. SLPA Tariff – Section V – Hiring Services rendered to International Shipping lines Services provided by statutory bodies (S.L. Customs, Sri Lanka Freight Bureau) to international shipping lines and their agents - Customs charges, Sri Lanka Freight Bureau Registration fees and other fees and charges to international shipping lines and their representatives Services provided by the General Sales Agents and licensed Agents of International airlines - i.e Commission earned on international transportation. Services provided by freight forwarders etc. – Services provided by freight forwarders (agents) or their local representatives who are registered with the Central Bank of Sri Lanka under the provisions of the Exchange Control Act, facilitating international transportation, and where such services are evidenced by a document of carriage covered by a Freight Forwarders All Risk Legal Liability Insurance Policy issued in favour of the local freight forwarder (Gazette Extra Ordinary 1246/21 of 26.07.2002) (g) Inland Depot Services to shipping lines engaged in international transportation - these services are in connection with container depots – (storing, repairing etc.); – Pre-repair inspection of cargo containers in order to report the serviceable condition to the shipping line will not be zero rated. However monitoring the refrigeration after the repair (if it is a requirement under the contract) is zero-rated. (h) Ancillary Services - These will include the following - Ship chandelling – Supply of various goods to international shipping lines Supply of stationery to international shipping lines Supply of laundry services to international shipping lines Supply of garbage removal services to international shipping lines 139
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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
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• “Value of Supply” has to be
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VAT chargeable = 900,000 x 20% = 18
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• The Director General of Customs
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10.5.6 Milk - item (iv) • Liquid
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(i) Insurance - xi(i) • Only the
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in Sri Lanka and consumed in Sri La
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Chapter - 11 Refunds 11.1 Unlike in
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11.7 Set off of refunds against fut
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• To make an additional assessmen
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a genuine taxpayer who does not wis
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Penalties Tax payers should comply
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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 114 and 115: • Services provided by internatio
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 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
Page 164 and 165: 5.2.2 To BOI garment manufacturing
Page 166 and 167: Annexure - 2 First Schedule to the
Page 168 and 169: 4. Supply of any services to any Di
Page 170 and 171: Services 1. Electricity more than 3
Page 172 and 173: Sale before 01.08.2002 - GST Regime
Page 174 and 175: GST = (CIF + CD + Surcharge + Ex.Sp
Page 176 and 177: to indicate the date of payment of
Page 178 and 179: The period within which the Board o
Page 180 and 181: Mrs. S.N.P. Abrew - Senior Assessor
Page 182: 182
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VAT Guide to Value Added Tax - sri lanka inland revenue ...

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