INSUBCONTINENT EXCLUSIVE:
The Value Added Tax (Amendment) Bill, to increase the tax on financial services from 15% to 18%, was passed in Parliament today (March
24).The Second Reading of the Value Added Tax (Amendment) Bill was taken up for debate from 11.00 am to 4.30 pm today.The Bill to amend the
Finance chaired by Member of Parliament Anura Priyadarshana Yapa at the Parliament complex on March 22.This Bill was prepared to implement
the tax policy proposals mentioned in the Cabinet Paper No
MF / FP / 32 / CM / 2021/212 dated 14th December 2021.Accordingly, the Value Added Tax on the provision of financial services will be
equipment, machinery and pharmaceutical donations made to Government Hospitals and the Ministry of Health in the event of any epidemic or
public emergency.The tax amendment bill was subsequently presented to Parliament today (24).Members of the Committee on Public Finance were
of the view that a proper economic analysis should be done on any reduction or increase in the tax collection process in the country.
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