Cabinet nod for VAT Amendment Bill
The Cabinet of Ministers has granted its consent to the proposal forwarded by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilization and National Policies Minister to submit the Bill to amend the Value Added Tax Act No. 14 of 2022 for the approval of Parliament. Cabinet Spokesman Mass Media Minister Dr. Bandula Gunawardhana disclosed this at the weekly Cabinet media briefing held yesterday at the Government Information Department.
The approval of the Cabinet of Ministers was granted in June 2023 to amend the Value Added Tax Act No. 14 of 2002 and to abolish the simplified value added tax system with effect from January 1, 2024.
The Bill prepared accordingly by the Legal Draftsman has received the clearance of the Attorney General.
As such, the Cabinet of Ministers approved the proposal presented by the President in his capacity as the Finance, Economic Stabilization and National Policies Minister to publish this bill in the Government Gazette and to submit it thereafter to Parliament for approval.