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

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4. Supply of any services to any Diplomatic mission or other privileged person under the Vienna Convention and identified as such by the Commissioner general of Inland Revenue. 5. Approved public Passenger Transport Services (excluding air or water transport tourist transport, excursion tours and taxi services.) 6. Leasing facilities on motor coaches with 28 or more seats used in public passenger transport 7. Electricity not exceeding 30 kwh per month consumer 8. Supply of services consumed outside Sri Lanka for which the payment was made in rupees 9. Lease or rent of residential accommodation other than by a BOI company which has entered into an agreement on or after 1 st April 2001 with a project cost not less than US dollars 10 million or its equivalent. 10. Supply of health care services by a medical institution other than by a BOI company which has entered into an agreement on or after 1 st April 2001 with a project cost not less than US dollars 10 million or its equivalent. 11. Supply of Health Cares Services by a professionally qualified person. 12. Supply of services by a restaurant situated beyond the Immigration point at any airport. 13. Free or subsidized transportation of employees between their homes and place of work. 14. Services in relation to burials and cremations 168
Annexure - 3 Second Schedule to the VAT Act The supply or import of the following goods and services are taxed at 10%. This is a summarized version. For the exact version please refer to the VAT Act. Goods 1. Coconut-Poonac-Prawn-feed and Poultry feed 2. Tea, Copra and coconut oil 3. Potatoes, onions and chillies 4. Planting materials and vegetable seeds 5. Live birds, day old chicks, dressed chicken and parts and all other unprocessed meat 6. Magazines and journals 7. Powered milk (other than infants’ milk) and condensed milk 8. Lentils, sugar, jaggery and sakkara 9. Dried fish and Maldive fish 10. Fertilizer including rock phosphate 11. Water, LP Gas, petrol and Diesel 12. Bicycles and Motor bicycles 13. Motor coaches, chassis or bodies with 28 or more seating capacity, used for public passenger transport. 14. Photo voltaic, solar batteries, CFL lamps and spare parts and Solar Home systems 15. Industrial machinery classified under H.S. Code (Chapter 84) excluding fans and parts, air conditioners, refrigerators, cabinets for refrigerators, dish washing machines (household type) personal weighing machines, lawn or sports ground rollers and parts, lawn movers and parts, house old washing machines and house hold type sewing machines. 16. Electric motors, generators and spare parts, electric generating sets, and spare parts classified under H.S. Codes – 85.01.,85.02 and 85.03 17. Cinematic firms (other than vedio films) and Theatrical productions 169
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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
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Chapter - 19 Mortgages 19.1 Mortgag
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• Services provided by internatio
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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
Page 164 and 165: 5.2.2 To BOI garment manufacturing
Page 166 and 167: Annexure - 2 First Schedule to the
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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