PM assures court ruling will not impact Government revenue

Ranil wPrime Minister Ranil Wickremesinghe today asserted that the interim order issued by the Supreme Court on the Value Added Tax (VAT) will not have any adverse impact on the Government’s revenue collection.

He said the VAT (Amendment) Bill has already been presented to Parliament for the first reading on 08 July 2016, and the second reading is expected on 23 July 2016.

“The Unity government, which has a clear majority in the Parliament, expects the legislative process to be completed before the end of the month of July 2016. Thereafter, the revised rates will be applicable with effect from 02 May 2016,” he said.

The Supreme Court today issued an interim order preventing the implementation of the recent revisions made to the VAT and the Nation Building Tax (NBT) until the relevant legislation is passed by the Parliament. (Colombo Gazette)