The Second Reading is relied upon to be hung on July 23 and the administration expects that the enactment procedure will be finished before the end of month, the Prime Minister said in an announcement. He included the modified rates will be appropriate with impact from May 2.
The full content of the announcement is given beneath:
On 11 July 2016, the Supreme Court of the Democratic Socialist Republic of Sri Lanka has issued a between time request keeping the usage of the late modifications made to the Value Added Tax (VAT) and the Nation Building Tax (NBT) until the significant enactment is passed by the Parliament.
This between time request is not anticipated that would have any antagonistic effect on the administration's income accumulation. The VAT (Amendment) Bill has as of now been introduced to the Parliament for the principal perusing on 08 July 2016, and the second perusing is normal on 23 July 2016. The Unity government, which has an unmistakable greater part in the Parliament, anticipates that the authoritative procedure will be finished before the end of the month of July 2016. From that point, the overhauled rates will be appropriate with impact from 02 May 2016.
