SVAT to be abolished!

Published

11 months ago

June 6, 2023

editor

The government has decided to abolish the existing Simplified Value Added Tax (SVAT) system with effect from January 1, 2024.

Accordingly, the proposal submitted to the Cabinet to give instructions to draft laws to prepare a bill to amend the relevant provisions of the Value Added Tax (VAT) Act has been approved.

The Government Information Department said that two major reforms regarding Value Added Tax should be introduced in accordance with the International Monetary Fund’s Extended Funding Facility (EFF).

Accordingly, the government said the VAT system should be reformed by removing the majority of exemptions and the SVAT system should be abolished.

Approximately 1.2% of the gross domestic product from the tax income can be increased by reactivating the logic of the existing release of VAT.

Kottu, Fried Rice prices reduced

Published

2 days ago

May 3, 2024

nipuni

The All Ceylon Restaurant Owners’ Association has decided to reduce prices of several food items, following the reduction in gas prices that was announced earlier today (May 03).

Accordingly, the Association announced that the prices of Fried Rice and Koththu will be reduced by Rs. 20 while prices of shorteats will be reduced by Rs. 10.

However, prices of plain tea and milk tea are to remain unchanged, the Association adds.

Laugfs Gas also slashes prices

Published

2 days ago

May 3, 2024

nipuni

Laugfs Gas has also reduced its LP gas prices with effect from midnight today (May 03) following the price reduction by Litro Gas.

Accordingly, the price of a 12.5kg cylinder has been reduced by Rs.275 to Rs. 3,840 while the the price of a 5kg cylinder has been reduced by Rs.110 to Rs.1,542.

Litro gas prices reduced

Published

2 days ago

May 3, 2024

nipuni

Litro Gas Lanka has reduced the prices of domestic LP gas cylinders with effect from midnight today (May 03).

According to Chairman of Litro Gas Lanka – Muditha Peiris, the price of the 12.5 kg cylinder has been slashed by Rs. 175 to Rs. 3,940 while the price of the 5 kg cylinder has been reduced by Rs. 70 to Rs. 1,582. The price of the 2.3 kg cylinder has been reduced by Rs.32 to Rs.740.