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

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When the recipient is not a registered Person - tax inclusive consideration or - open market value which ever is higher 2. Import of goods CIF + Customs Duty + any surcharge + Cess + any Excise Duty payable to Customs under excise duty (Spl. Provisions) Act. (If Customs Duty is waived the same formula stands with Custom Duty=0) 3. Benefits from * Open Market Value employment * Cost of a similar benefit to any other employee as determined by the Assessor if the open market value cannot be ascertained. 4. Lottery or Wagering Total amount received less value of the prize or contract or any business winnings awarded. Of like nature 5. Supply of goods under Cash price determined under Consumer Credit Hire purchase agreement Act or Market value which ever is higher subject to adjustments for non claimable input by the seller of goods when the seller is a person different from the Hirer.(Please see Eg.17) If the hired goods are second hand and more than one year old. - Value specified in the agreement less hire purchase charges 6. Supply of land and Consideration – (Value of Land at the time of supply + improvement improvements upto 31.03.1998) (Consideration shall not be less than the open market value) Thus, it is = Open Market Value of improvements after 31.03.1998 7. Supply under non- Total amount paid/payable under the agreement reviewable Agreement, other (It is considered as a tax inclusive consideration) than Hire Purchase Agreement, 24
Entered prior to 01.04.1998. 8. Transfer of goods on Termination of Lease * If the consideration is less Treated as an installment under lease agreement. than 10% of the value of the agreement * If the consideration is more Treated as a separate supply of goods and the than 10% of the value of value is the amount paid to acquire the asset. lease Agreement 9. Supply is a combination of Open Market Value of the taxable portion taxable and non taxable supplies 10. Goods which are - Consideration received manufactured using other - Open Market Value goods or services/supply of which ever is higher services using other goods or services 11. Issue of ticket or deposit of Value of the ticket or deposit less the VAT, money for the supply of goods not being any refundable amount or services 3.9 Registered Person (R.P) • Registered Person means any person who is registered for VAT under Sections 10, 12 or 14(I)(c ) of the VAT Act and includes a person who is liable to be registered under the Act. (Vide Chapter 4) and a person deemed to be registered under Sec. 80(2) • Registered Person can be referred to as the tax-payer for the purpose of VAT Act because it is he who is registered with Inland Revenue to collect VAT from consumers and remit it to the department. He only collects VAT from his customers and does not bear the burden of tax because he does not pay anything on his own. Vide para 9.5. The duty to charge, collect an account for VAT to the Revenue falls on the Registered Person. 25
Page 1 and 2: But for the best to the September 0
Page 3: Preface The Value Added Tax Act was
Page 6 and 7: Chapter - 1 Introduction 1.1 Purpos
Page 8 and 9: However from the point of view of t
Page 10 and 11: The following test which has been a
Page 12 and 13: iv. Import of any fabric, yarn, gre
Page 14 and 15: Chapter - 3 The definitions of conc
Page 16 and 17: Eg. 1 : If “A” wants to termina
Page 18 and 19: c. Time of supply in relation to su
Page 20 and 21: Thus, any trade, business, etc. are
Page 22 and 23: a business in Sri Lanka and not to
Page 26 and 27: • There are two types of registra
Page 28 and 29: (ii) continued without making an ap
Page 30 and 31: (d) (e) (f) input credit has been c
Page 32 and 33: 4.13 Activity Code Number “Suppli
Page 34 and 35: the H.S. classification it may be b
Page 36 and 37: 5.8 Payment of tax on Assessments T
Page 38 and 39: 5.11. Collection of VAT on Imports
Page 40 and 41: 6.3 Approval For Deferment Facility
Page 42 and 43: iv. If an importer declares only pa
Page 44 and 45: 6.6 Deferment on Local Supplies (Te
Page 46 and 47: 7.4 Tax Invoice Tax invoice should
Page 48 and 49: 7.11 Use of tax fraction to compute
Page 50 and 51: Lower Rate - 10% Goods and services
Page 52 and 53: Chapter - 9 Calculation of Tax 9.1
Page 54 and 55: accounted for in respect of all the
Page 56 and 57: transferred to a taxable activity a
Page 58 and 59: Eg. If A is an ice-cream vendor who
Page 60 and 61: (3) In the above case if the regist
Page 62 and 63: • 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 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
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• 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
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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
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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
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and for VAT purposes the two compon
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(i.e the lottery organizer) on whic
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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
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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
Page 180 and 181:
Mrs. S.N.P. Abrew - Senior Assessor
Page 182:
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VAT Guide to Value Added Tax - sri lanka inland revenue ...

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