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| Value Added Tax (Amendment) |
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AN ACT TO AMEND THE VALUE ADDED TAX ACT, NO. 14 OF 2002
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BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:-
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[24th April
, 2014 ]
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Short title and date of operation.
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1. This Act may be cited as the Value Added Tax (Amendment) Act, No. 7 of 2014 and shall be deemed to have come into operation on January 1, 2014.
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Amendment of section 3 of Act, No.14 of 2002.
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2. Section 3 of the Value Added Tax Act, No.14 of 2002 (hereinafter referred to as the "principal enactment") is hereby amended as follows:-
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(a) by the renumbering of that section as subsection (1) thereof;
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(b) in the renumbered subsection (1) of that section, by the repeal of paragraph (f) and the substitution therefor of the following:-
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"(f) any person or a partnership having total supplies for any consecutive period of three months in any calendar year of not less than rupees two hundred and fifty million, including the supplies under the preceding paragraphs of this section and any supplies exempted under Part II of the First Schedule:";
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(c) by the repeal of the second proviso to that section and the substitution therefor of the following:-
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"Provided further, the chargeability to tax referring to any registered person specified in paragraph (f) shall be subject to the exemption granted under section 8, subject to the conditions specified therein:";
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(d) immediately after subsection (1) of that section, by the insertion of the following:-
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"(2) For the purposes of paragraph (f), the total supplies means, the aggregate value of supplies of-
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(i) any person or partnership engaged in the wholesale or retail business while carrying on other business of similar nature in one place or different places under one or more registrations for the purposes of this Act; and
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(ii) with regard to any subsidiary or associated company of a group of companies, engaged in the wholesale
or retail business, the aggregate value of supplies of each company of the group, other than any company not engaged in the wholesale or retail business.".
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