Hirunews Logo
Govt.+backpedals+on+NBT%2C+VAT+revisions
Wednesday, 13 January 2016 - 18:55
Govt. backpedals on NBT, VAT revisions
171

Shares
20,593

Views
The amendments proposed to Value Added Tax and Nation Building Tax Proposed in the Budget 2016 should not be implemented until the relevant legislative enactments are passed by Parliament.

However, considering the cost of living impact, restriction on the exempt supplies applicable on wholesale and retail trade (deemed VAT) is removed with effect from 01.01.2016.

 

Further, vehicle importers who have imported motor vehicles for personal use on LCs opened before Budget 2016 are permitted to be cleared from the Customs by paying the Duties under the rate prevailed at 20.11.2015, without paying any demurrages.

Below is the press release.......

 

Make a Comment
Make a Comment

DOWNLOAD HIRUNEWS APP ON ANDROID & APPLE