Inland Revenue Department has issued a paper notice on Value Added Tax by taking into account the prevailing situation in the country.
- VAT Payments for the months of February and March 2020
Making the VAT payment including VAT on Financial Services for the month of February which was due on March 20, 2020 and the payment for the month of March which is due on April 20, 2020 has been allowed up to April 30, 2020.
Accordingly, payments made on or before April 30, 2020 for the above periods shall be deemed as payments made on due dates and any penalty auto-imposed by the system on late payments for the above periods will be waived off.
- VAT Deferment Facility at the point of Customs/BOI
The validity of the extension letters (which will be expired before April 30, 2020) issued with regard to Credit Vouchers due against the VAT deferred under deferment facility have been extended by one month from the respective expiring date.
- Temporary VAT
If any Temporary VAT Registration issued and period of validity expires prior to April 30, 2020 as per the certificate, the validity period has been extended till April 30, 2020.
- Submission of VAT Return
In terms of the provisions of the VAT Act, VAT Return for the month of February is required to submit on or before March 31, 2020. e-Filing facility is available through IRD Portal, e-Services to submit the VAT return for the above period on the due date.
However, those who could not file the VAT return through e-Services or manually, they are allowed to submit the return until April 30, 2020.
