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

6.3 Approval For Deferment Facility
i. Customs Department has established the “VAT Deferred Payment Unit” (VAT –
DPU, formally GST – DPU) to register the enterprises, those who seek the
deferment facility. This Unit is located at the InFac Centre, 4 th Floor, Hemas
Building, Bristol Street, Colombo – 01.
ii.
Enterprises which are eligible for this facility can apply for registration in the
prescribed form (CDP – 10)
iii.
iv.
Non-BOI Sector - importers who wish to avail of this facility should forward their
applications directly to the Director General of Customs (to VAT – DPU).
BOI – Sector - Applications should be forwarded through the BOI with their
recommendation.
v. Every such application should be submitted with a bank gurantee (CDP – 2) or a
corporate guarantee (CDP – 3) together with an irrevocable power of attorney
authorizing the Commissioner General of Inland Revenue (CGIR) to remit direct
to the Director General of Customs (DGC), the deferred VAT out of the refund
due as per details contained in the monthly returns submitted by them. The
guarantee furnished should be valid for a period of one year.
vi
vii.
Approval granted for deferment facility will be conveyed to the respective
enterprises in the prescribed form (CDP – 7)
The date of submission of Cus-Dec at the relevant Cus-Dec processing Unit
(Bonds Division, In Fac Centre or BOI) is treated as the date of importation to
compute the period of deferment
6.4 Processing of Cus-Decs
i. Importers entitled to avail of the deferred payment facility should file an additional
copy of Cus-Dec titled “VAT copy” .
ii.
NON BOI Sector - All Cus-Decs relating to imports under the deferment facility
is processed at In Fac Centre and Bonds Division only.
iii.
BOI Sector - Investor Services Division of the BOI will coordinate with the Units
serviced by BOI where Cus-Decs are processed for deferment of VAT.
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