VAT Guide to Value Added Tax - sri lanka inland revenue .

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But for the best to the September 06 2002 VAT Guide to Value Added Tax 1. (a) (b) \\\ \ \\\ \ \\\\ Issued by the VAT Branch of the Inland Revenue Department VAT/DM 08 th Oct. 2002 1

Page 2 and 3: Prelude VAT Notice No. 1 This notic
Page 5 and 6: Contents Chapter Pages 1. Introduct
Page 7 and 8: 1.3 The scope of the tax VAT is cha
Page 9 and 10: 1.5 What is “supply” ? VAT is n
Page 11 and 12: 2.1 Value Added Tax is charged on C
Page 13 and 14: 2.6 Supply of goods and services in
Page 15 and 16: iii. Passing of Exclusive ownership
Page 17 and 18: 3.4 Time of Supply This is an impor
Page 19 and 20: It can be seen that in all these si
Page 21 and 22: is appointed as a director of a com
Page 23 and 24: is the taxable activity carried on
Page 25 and 26: Entered prior to 01.04.1998. 8. Tra
Page 27 and 28: Chapter - 4 Registration and Cancel
Page 29 and 30: that the supplier may buy and sell/
Page 31 and 32: When the duly completed application
Page 33 and 34: Chapter - 5 Collection, Payment and
Page 35 and 36: in making the taxable supplies from
Page 37 and 38: (b) * Return furnished -tax paid -
Page 39 and 40: Chapter - 6 Deferment of Collection
Page 41 and 42: iv. Cus-Decs will be considered fin
Page 43 and 44: Inland Revenue and settle the entir
Page 45 and 46: Chapter - 7 Invoicing 7.1 Invoicing
Page 47 and 48: 7.7 Normal Invoice • Normal invoi
Page 49 and 50: Chapter - 8 Returns and VAT Rates 8
Page 51 and 52: 8.7 Approved Branches of the Bank o
Page 53 and 54: the tax is collected by the Customs
Page 55 and 56: claimed on expenses in connection w
Page 57 and 58: 9.4.5 Transitional Provision - Sec.
Page 59 and 60: Tax on value addition @ 20% = 10 @
Page 61 and 62: • If the asset if purchased for t
Page 63 and 64: life time is six years and the priv
Page 65 and 66: (15) A contractor who is a register
Page 67 and 68: 10.1 Exemption from payment of VAT
Page 69 and 70: • prescribed project related arti
Page 71 and 72: provision. Automatic payments from
Page 73 and 74: • Payment of lease rental on moto
Page 75 and 76: • Thus, tourist hotels providing
Page 77 and 78: * Credit for input tax will be give
Page 79 and 80: Chapter - 12 Assessments 12.1 Power
Page 81 and 82: sufficient communication of reasons
Page 83 and 84: Chapter - 13 Appeals Any appeal aga
Page 85 and 86: Chapter - 15 Accounting Basis & Rec
Page 87 and 88: 15.6 VAT Account Every Registered p
Page 89 and 90: Chapter - 16 Import & Export of Goo
Page 91 and 92: 16.3.3 Voluntary registration for b
Page 93 and 94: 16.5 Refund of Input tax attributab
Page 95 and 96: 16.15 Custom Bonded Area - What is
Page 97 and 98: ii. (a) The financial services comp
Page 99 and 100: • Under the existing provisions t
Page 101 and 102: 17.7 Hire- Purchase inputs • inpu
Page 103 and 104: VAT period ending on 30.09.2002 Typ
Page 105 and 106: 18.10. Re-possession of the leased
Page 107 and 108: would have paid Rs.120,000/- as 20%
Page 109 and 110: Taxable Period (month) October 2002
Page 111 and 112: Leasing Installments Liable to VAT
Page 113 and 114: Chapter- 20 Diplomatic Missions & V
Page 115 and 116: must charge VAT on the fees paid fo
Page 117 and 118: Chapter - 22 Transitional arrangeme
Page 119 and 120: ∴ “Value of supply” in 90,000
Page 121 and 122: 23.5. Invoicing in VAT period for w
Page 123 and 124: ii. Construction contractor means t
Page 125 and 126: 24.4. Invoicing - Special Arrangeme
Page 127 and 128: i. A record of local purchases of g
Page 129 and 130: exchange operation and the fee base
Page 131 and 132: value of supply of other activities
Page 133 and 134: 24.15 Management Companies Sometime
Page 135 and 136: installment is treated as the amoun
Page 137 and 138: • Any other services including co
Page 139 and 140: (d) (e) (f) (c) Following services
Page 141 and 142: (b) Charges for loading/unloading c
Page 143 and 144: out of which, the services are in f
Page 145 and 146: Value of Supply Commission Net Proc
Page 147 and 148: iii. iv. In such situations the hot
Page 149 and 150: Chapter - 27 Some useful hints 1. S
Page 151 and 152: - If the finance company does not b
Page 153 and 154: consequence of that law did not cha
Page 155 and 156: 1. Assessment rates 2. Taxes on veh
Page 157 and 158: Annexure 1 ENTERPRISES UNDER BOARD
Page 159 and 160: 1.4.3 Imported goods (except fabric
Page 161 and 162: (b) (c) (d) (e) Projects engaged in
Page 163 and 164: 3.3.1 Purchasing manufactured goods
Page 165 and 166: Permitted on submission of a Cusdec
Page 167 and 168: xii. xiii. xiv. Pearls, diamonds, d
Page 169 and 170: Annexure - 3 Second Schedule to the
Page 171 and 172: Appendix - I Comparison of the valu
Page 173 and 174: Case 2 - When the goods imported af
Page 175 and 176: Appendix - 2 Income Treatment of VA
Page 177 and 178: 4. Import of Ships Exclusion from V
Page 179 and 180: Telephone Numbers Any person wishin
Page 181 and 182: 181