IRD withdraws temporary VAT numbers

Published

6 months ago

June 23, 2024

editor

The Inland Revenue Department (IRD) has decided to withdraw the facility of providing temporary VAT (Value-Added Tax) numbers for imports for commercial purposes in view of the misuse of the system.

The move follows revelations that some businessmen, including those involved in the import of commodity items, were misusing the facility by obtaining temporary numbers under different names.

IRD Commissioner General Sepalika Chandrasekara told the Sunday Times that the measure had been taken in view of the revenue losses to the government from the abuse of the system.

She said revelations had been made that even porters employed in Pettah and shop assistants had obtained temporary VAT numbers and evaded tax payments.

She said that necessary amendments would be presented in Parliament shortly.

However, temporary VAT numbers will be issued for imports by the government.

Until the amendments are approved for imports of medicines too, temporary VAT numbers will be issued, she said.

Ms. Chandrasekara said those holding temporary VAT numbers were being registered for permanent VAT numbers, and already 6,000 had been registered.

A Treasury official said that with the new system, they hope to increase tax revenue.

He said that with the new amendments, there would also be strict controls on the import of items.

The official said they were estimating the losses suffered due to the temporary VAT number.

(sundaytimes.lk)
(Except for the headline, this story, originally published by sundaytimes.lk has not been edited by SLM staff)

CAA seizes bottled water stock in Hemmatagama over violations

Published

5 hours ago

December 6, 2024

editor

The Consumer Affairs Authority (CAA) raided a factory in Hemmatagama, Mawanella, seizing over 3,000 bottles of drinking water prepared for distribution.

Investigations revealed that the factory’s Health Ministry registration certificate had expired and was obtained using false information. The seized stock included bottles of varying sizes from 500 ml to 19 liters.

The CAA emphasized that falsely claiming standards or endorsements violates the CAA Act, and legal action will be taken against the violators. Regular raids are conducted to prevent consumer deception.

News

POIASL renews call to lift oil palm cultivation ban

Published

5 hours ago

December 6, 2024

editor

The Palm Oil Industry Association of Sri Lanka (POIASL) has urged the Government to reconsider the 2021 ban on oil palm cultivation, citing its economic, environmental, and strategic benefits.

Speaking at the association’s fifth AGM, President Dr. Rohan Fernando criticized the ban as an “ill-conceived decision” lacking scientific basis, driven by vested interests. He emphasized that oil palm is the most efficient vegetable oil crop, meeting over 40% of global demand.

Fernando argued that expanding oil palm cultivation could reduce edible oil imports, save foreign exchange, and create jobs. He highlighted India’s accelerated oil palm expansion as a model and called for collaboration with major producers like Indonesia, Malaysia, and India.

The AGM concluded optimistically, with hopes that the new administration will reconsider the ban to align with its goals of food security, poverty alleviation, and economic growth.

News

Met Department forecasts showers in several provinces

Published

5 hours ago

December 6, 2024

editor

The Meteorology Department says several spells of showers will occur in Northern and Eastern provinces.

Showers or thundershowers may occur at several places in Western, Sabaragamuwa and Southern provinces and in Nuwara-Eliya and Kandy districts during the evening or night.

Mainly fair weather will prevail elsewhere, the Met. Department added.

Misty conditions can be expected in most places of the island during the morning.

Thus, the general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.