View All - 2002 Acts Section No : Acts & Ordinances VALUE ADDED TAXMarginal Notes1. This Act may be cited as the Value Added Tax Act, No 14 of 2002 and shall come into operation on August 1,20022. Imposition of Value Added Tax3. Tax not be charged on wholesale or retail supply of goods.4. Time of supply.5. Value of supply of goods or services.6. The value of goods imported.7. Zero Rating8. Supplies and Importation exempted from tax9. Goods or services supplied in Sri Lanka10. Persons making supplies in the course of a taxable activity to be registered.11. Importers of goods to notify commissioner General.12. Voluntary registration.13. Commissioner-General to call for information14. Registered person.15. Certificate of Registration.16. Cancellation of Registration.17. Registered person to return certificate on cancellation.18. Liability not affected by cancellation of Registration19. Registered person to notify certain changes20. Tax Invoice.21. Returns and information to be furnished.22. Credit for input tax against output tax23. Accounting basis.24. Bad Debt.25. Adjustment of tax by credit or debit notes.26. Payment of Tax27. Penalty for default28. Power of Assessor to make assessment.29. Assessor to state why he is not accepting a return.30. Power of Assessor to determine open market value.31. Additional assessment.32. Evidence of returns and assessment.33. Limitation of time for assessment or additional assessment.34. Appeals to the Commissioner-General.35. Appeals to the Board of Review.36. Appeal on a question of law to Court of Appeal.37. Assessments or amended assessments to be final.38. Penalty for incorrect return39. Recovery of Tax40. Tax to be a first charge41. Notice to defaulter.42. Recovery of tax by seizure and sale.43. Proceedings for recovery before a Magistrate.44. Recovery of Tax out of Debts45. Recovery of tax from persons leaving Sri Lanka. Abolition of the charging of the National security Levy with effect from August 1,2002. Abolition of the charging of the national security Levy with effect from August 1,2002. 46. Use of more than one means of recovery47. Power of Commissioner-General to obtain information for the recovery of tax.48. Recovery of tax from the principal officer and others.49. Commissioner-General to delegate powers and functions50. who may act for incapacitated person.51. Precedent partner to act on behalf of partnership52. Principal officer to act on behalf of a company or body of persons.53. Liability to pay tax in the case of ceasation of taxable activity.54. Liability of executor to pay tax.55. Liability of certain persons to pay tax in respect of a taxable activity not belonging to them56. Joint trustees and executors the persons who act as trustees or executors.57. Persons liable to pay tax upon liquidation of a company or dissolutions of a body of persons.58. Refund of excess tax.59. Interests on refunds.60. Signature and service of notice.61. Validity of assessments.62. Power to search building or place.63. Power to search where taxable activity is carried on or carried out.64. Keeping of records.65. Penal provisions relating to breach of secrecy & c.66. Penal provisions relating to fraud67. Panel provisions relating to returns & c.68. Prosecution to be with the sanction of the Commissioner-General.69. Compounding of offence70. Officers71. Value added tax, Refund tax.72. Commissioner-General may pay rewards to informants.73. Official Secrecy.74. Forms75. Regulations76. Transitional provisions77. Amendments to the Inland Revenue Act No. 38 of 200078. National Security Levy paid under the National Security Levy Act, No. 52 of 1991 to be deemed to be input tax.79. Indemnity80. Savings81. Abolition of the charging of the National Security Levy with effect from August 1,2002.82. Abolition of the charging of the Goods and Services Tax with effect from August 1, 2002.83. Interpretation84. Sinhala text to prevail in case of inconsistency.