Cabinet approval has been granted to publish the recently approved VAT reforms as a Bill and submit for parliament approval.
The approval of the Cabinet of Ministers granted on 05.06.2023 to amend the Value Added Tax Act No. 14 of 2002 and to abolish the simplified value added tax system with effect from 01.01.2024.
The Bill prepared accordingly by the Legal Draftsman has received the clearance of Attorney General.
As such, the Cabinet of Ministers approved the proposal presented by the president in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish this bill in the Government Gazette and to submit consequently to Parliament for Approval.
