{"id":56451,"date":"2016-07-11T05:03:45","date_gmt":"2016-07-11T12:03:45","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=56451"},"modified":"2016-07-11T10:43:29","modified_gmt":"2016-07-11T17:43:29","slug":"interim-order-by-sc-suspends-vat-increase-sc-order-will-not-impact-govt-s-revenue-collection-pm","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2016\/07\/11\/interim-order-by-sc-suspends-vat-increase-sc-order-will-not-impact-govt-s-revenue-collection-pm\/","title":{"rendered":"Interim order by SC suspends VAT increase-SC, “Order will not impact Govt.\u2019s revenue collection” – PM , “VAT to remain at 11% until legislation passes” – Ravi –"},"content":{"rendered":"

Adaderana<\/em><\/span><\/h2>\n

July 11, 2016\u00a0\u00a002:11 pm<\/p>\n

The Supreme Court on Monday (11) issued an interim order to suspend the Value Added Tax (VAT) increase.<\/div>\n
The Supreme Court issued the order after considering a petition filed seeking an order to revoke the decision to increase VAT.
\nThe petition was filed by an attorney representing three persons including National Freedom Front leader Wimal Weerawansa.
\nThe petition has sought an interim order preventing the relevant authorities from ordering the public to pay the VAT. \u00a0It has also argued that a Parliament approval is a must before the tax is increased.
\nThe VAT was increased from 11% to 15% with effect from May 02, 2016. Several protests and hartals were also organised by the traders across the country including in Kiribathgoda, Kadawatha, Kelaniya, Anuradhapura, Badulla, Bandarawela and Katugastota over the past few days against the decision to increase VAT.<\/div>\n

This interim order which was issued by the Supreme Court today (11) is not expected to have any adverse impact on the government\u2019s revenue collection, Prime Minister Ranil Wickremesinghe says.<\/h3>\n

Issuing a statement, the Prime Minister asserted the revised rates of the Value Added Tax (VAT) and the Nation Building Tax (NBT) will be applicable with effect from 02 May 2016, since the VAT (Amendment) Bill has already been presented to the Parliament for the first reading on 08 July 2016.<\/p>\n

The Supreme Court issued an interim order to suspend the Value Added Tax (VAT) increase this morning. Full statement: On 11 July 2016, the Supreme Court of the Democratic Socialist Republic of Sri Lanka has issued an interim order preventing the implementation of the recent revisions made to the Value Added Tax (VAT) and the Nation Building Tax (NBT) until the relevant legislation is passed by the Parliament.<\/p>\n

This interim order is not expected to have any adverse impact on the government\u2019s revenue collection. The VAT (Amendment) Bill has already been presented to the Parliament for the first reading on 08 July 2016, and the second reading is expected on 23 July 2016. The Unity government, which has a clear majority in the Parliament, expects the legislative process to be completed before the end of the month of July 2016. Thereafter, the revised rates will be applicable with effect from 02 May 2016.<\/p>\n

\n
\n

The Value Added Tax (VAn at 11 % until until the relevant legislation is passed by the Parliament, Finance Minister Ravi Karunanayake said.<\/h3>\n

The observation wT) will remaias made at a press conference held in Colombo this afternoon (11).
\nThe VAT will be increased to 15 % once the legislation is passed, according to Karunanayake.
\nThe Supreme Court this morning issued an interim order to suspend the Value Added Tax (VAT) increase.<\/p>\n<\/div>\n<\/div>\n

<\/div>\n

– See more at: http:\/\/adaderana.lk\/news\/36029\/vat-to-remain-at-11-until-legislation-passes-ravi#sthash.c6GsnlhJ.dpuf- See more at: http:\/\/adaderana.lk\/news.php?mode=beauti&nid=36026#sthash.Lzus5dFT.dpuf<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Adaderana July 11, 2016\u00a0\u00a002:11 pm The Supreme Court on Monday (11) issued an interim order to suspend the Value Added Tax (VAT) increase. The Supreme Court issued the order after considering a petition filed seeking an order to revoke the decision to increase VAT. The petition was filed by an attorney representing three persons including […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-56451","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/56451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=56451"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/56451\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=56451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=56451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=56451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}