A new amendment to the VAT Act.
Summary;
- This clause amends section 6 of the Value Added Tax Act, No. 14 of 2002 (hereinafter referred to as the “principal enactment”), and the legal effect of that section as amended is to make provisions to determine the value of goods imported and enabling the Minister to prescribe the manner by which the value of goods specified by him is to be
determined. - This clause amends section 22 of the principal enactment and the legal effect of that section as amended is to increase the amount of tax due on local sale of certain garments by export oriented companies.
- This clause amends section 26 of the principal enactment and the legal effect of that section as amended is to change the date of VAT payment.
- This clause amends Part II of the First Schedule to the principal enactment in order to give effect to the budget proposals of 2018 exempting the VAT imposed on the supply of condominium housing units where the registered agreement to sale relating to such supply is executed prior to April 1, 2019 and to extend the exemption applicable on
locally produced rice products to rice bran oil.
