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

10.5.6 Milk – item (iv)
• Liquid milk not made out of powdered milk or any grain is exempted. This
includes fresh milk, skimmed milk including sweetened or flavored but not vitamin
enriched, Condensed milk but excluding any other products made out of milk
such as butter, margarine, yogurt, cheese, ice-cream etc.
• Infant powdered milk is exempted. This includes infants milk foods, vitamin
enriched infants milk formulae.
10.5.7 Supply of Educational Services item (vi)
For the definition of “educational establishment”. Please see the Rulings –
Chapter 24 – Para 5 & Para 18
10.5.8. Books – item (vii)
Books include, loose leaf, fully printed books, Telephone Directories, Annual
Reports & Maps. Writing pads and other media of data storage such as
cassettes, diskettes, microfilms are not. Magazines & Journals are excluded.
10.5.9 Financial Services – Item (xi)
(a) Exchange of Currency
* Any fee or commission charged in consideration of exchange of currency
will be exempted. Similarly any gains arising from exchange of currency
will be exempted if the exchange is done in the course of a “financial
service”.
* “Currency” means any bank note or other currency of any country, other
than when used as a collector’s peice, investment article, item of
numismatic interest, or otherwise than as a medium of exchange.
(b)
The issue, allotment or transfer of ownership, of any Note, order for
payment, cheque or letter of credit is exempt
Any fee or commission charged for these services will be exempted.
Issue means the creation of the relevant document. “Payment and
collection” means the receipt of and presentation by a banker in the
process of collection of proceeds covered by the document. Payment for
travelers cheques and postal money orders are also covered by this
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