News
Ranil scoffs at govt. attempt to impose GST,VAT simultaneously
The Special Goods and Services Tax (GST) Bill and the Value Added Tax (Amendment) Bill were presented to Parliament on Thursday.
The Special GST Bill was presented to provide for the imposing of a special goods and services tax in terms of the amount chargeable on specified goods and services by way of tax, duty, levy, or any other charge imposed by law; to promote self-compliance in the payment of taxes in order to ensure greater efficiency in relation to the collection and administration or such taxes and related matters.
UNP leader Ranil Wickremesinghe demanded to know from the government where in the world both GST and VAT could be imposed simultaneously. “If there is a value added tax then there cannot be a goods and services tax. Both VAT and GST are to be levied on the same item. We introduced GST under the UNP government and later amended it to introduce VAT. You can amend the VAT but cannot have VAT and GST together,” Wickremesinghe said.
Approval has been granted at the Cabinet meeting held on 22.07.2024 to publish the draft bill of State Assets Management Act in the government gazette notification and thereby present it to the Parliament for its concurrence.
However, the draft bill couldn’t be passed in Parliament as a result of the Parliament being dissolved in the month of October 2024.
Thereafter, the draft bill was subject to further inspection by a
committee appointed which comprised of officials and authorities on the subject.
The said Committee has recognized the amendments to be made and a fundamental draft has been prepared including the proposed amendments.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to suspend further activities regarding the draft bill of State Assets Management Act published in the extraordinary gazette of 02.08.2024, and to direct the Legal Draftsman to prepare a draft bill based on the fundamental draft prepared by the subject specialists’ committee.
Considering the compliance of the Cooperative Societies’ operations with the concurrent socio – economic circumstances as well as the changes in the common law, the requirement of amending the Cooperative Employees Commission Act No. 12 of 1972 has been recognized.
A fundamental draft including proposed amendments based on the experience gained by that Commission as well as the opinions and proposals of Cooperative societies, their director board members, cooperative employees and other interested parties has been prepared.
Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative development to provide instructions to the Legal draftsman to prepare a draft bill to amend the Cooperative Employees Commission Act No. 12 0f 1972, based on the said fundamental draft.
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