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

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2.3.1 Imported goods (except fabric) or manufactured goods to another outside EPZ project:- Permitted on submission of a Tax invoice on the market value (Original + copy) the IS Dept. by the recipient. 2.3.2 To another export-oriented project under SLC (TIEP manufacturing bond or infac project):- Permitted subject to BOI formalities on processing of a Cusdec/GRN at SLC on a tax invoice on the market value by the recipient. 2.3.3 From non-BOI (TIEP manufacturing bond or Infac project) to outside EPZZ project:- A Cusdec/GRN to be processed at the SLC by the seller and submission to the IS Dept. of the BOI with a Tax invoice by the BOI project. 2.3.4 To the local market within permissible limit of the agreement:- On payment of Customs duty and VAT as determined by SLC on submission of a Cusdec by the buyer to the SLC. 2.4 SUB-CONTRACTS 2.4.1 Between outside BOI projects and BOI or non-BOI projects located in or outside EPZ:- Permitted on a request made by the sub-contractor on the prescribed format. Processor to issue a Tax invoice for the processing charges. 3. TRADING HOUSES LOCATED INSIDE EPZZ 3.1 IMPORTS 3.1.1 The procedure relating to imports effected by enterprises located inside EPZZ will apply. 3.2 TRANSFERS 3.2.1 Imported goods to another inter or intra EPZ project for manufacture and return:- Not liable for tax. However, the processor should issue a Tax invoice for the processing charges. 3.2.2 Imported goods except fabric to another BOI or non-BOI project located outside EPZ for manufacture and return:- Payment of VAT on submission of a Cusdec to the market value of the goods on upfront or deferred basis. A Tax invoice to be issued by the processor for the processing charges. 3.3 SALES/PURCHASES 162
3.3.1 Purchasing manufactured goods from inter or intra zone project for export purposes :- The seller to issue a Tax invoice for value addition. 3.3.2 Purchase of manufactured goods from a BOI or non-BOI project located outside EPZZ for export :- Submit an export Cusdec indicating the name and location of the manufactured enterprise in cage 51 of the export Cusdec for consideration of deferred facility for the manufacturing enterprise. The seller should issue a Tax invoice on the market value. In case of purchase of goods from a non-BOI project prior approval to be obtained from SLC and also goods to be exported should be verified by SLC. 4. TRADING HOUSES LOCATED OUTSIDE EPZZ 4.1 IMPORTS 4.1.1 The same procedure relating to imports effected by export-oriented enterprises located outside EPZZ will apply. Additional details to be obtained from the IS Dept. 4.2 SALES/PURCHASES 4.2.1 Purchase of goods from BOI or non-BOI export-oriented projects located outside EPZ:- Seller to issue a Tax invoice for the market value. In case of purchased of goods from a non-BOI project prior approval to be obtained from SLC and export of goods should be verified by SLC. 4.2.2 Manufactured goods from an EPZ enterprise :- The trading house submit a Cusdec prior to removal of goods for payment of VAT upfront or deferred basis., But if the goods are directly exported from the manufacturer's premises, a Tax invoice for the market value should be issued and non Cusdec is issued for the payment of VAT. 5. FABRIC MANUFACTGURING ENTERPRISES LOCATED INSIDE EPZZ 5.1 IMPORTS 5.1.1 The procedure relating to imports effected by enterprises in EPZZ will apply. 5.2 SALES 5.2.1 To inter or intra EPZ garment manufacturing project :- Permitted on a Tax invoice for the value addition. 163
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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
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15.8 Example of a VAT Account VAT A
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the trading house or the other pers
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16.4 Concessions available to Expor
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v. Importation of services are not
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Chapter - 17 Hire Purchase Transact
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(a) Under the existing provisions V
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y the hire-purchase company to the
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Chapter - 18 Leasing & VAT 18.1 Lea
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installments. Any VAT not recovered
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18.13 Leasing inputs • Leasing in
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18.15 Leasing Advance Sometimes it
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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 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 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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