MEMBERS NEWSLETTER
MEMBERS NEWSLETTER MEMBERS NEWSLETTER
MEMBERS NEWSLETTERApril 2011- Taxi Meters under H S Codes 9029.10.10;- Agricultural machinery and parts under H S Codes 7309.00.10, 8479.89.30,7308.90.10, 8479.89.40, 8433.11, 8433.19 and 8433.90- Light weight electrical and electronic items under H S Codes 8414.51, 8516.32,8516.33, 8516.50, 8516.60.10, 8516.90.10, 8516.71, 8516.72, 8516.79.20, 8517.11,8521.10, 8521.90, 8527.91, 8527.92 8528.72.41, 8528.72.91, 9101.91, 9101.99,9105.11, 9105.19, 9105.21, 9105.29, 9105.91, 9105.99, and 9207.10 ;- - Articles use for Fashion Jewellery manufacturing under H S codes 3926.90.70(3923.10.01) /and H S Headings 28.43, 7018.10, 71.13, 71.14, 71.15, 71.16 and 71.17.- Fruit seeds with effect from August 16, 2010- Telecommunication equipments- Spare parts and accessories for exclusive use by Sri Lanka Transport Board and theDepartment of Sri Lanka Railways.The import of –- Goods to any infrastructure development project funded through foreign loans ordonations directly to government ministries, as approved by the Minister of Finance;- Machinery and High tech equipments for the use of telecommunication industry under H SCodes 8443.32.40, 8517.12.90, 8517.18, 8517.61, 8517.62.10, 8517.62.90, 8517.69,8517.70, 8523.52, 8536.69.10, 8536.69.90, 8536.90.10, 8536.90.90, 8544.11.90, 8544.19,8544.70; and- Aircraft simulators and parts under H S Codes 8805.21 and 8805.29.- Samples in relation to a business worth not more than rupees twenty five thousandsubject to such terms and conditions as prescribed by the director General of Customs3. Extension of input tax restriction { Section 22 (10) }The present restriction of 85% of the output tax is extended up to 100% in respect of any taxinvoices or custom declarations claimed on or after 01.01. 2011.Unabsorbed VAT input credit as at 31.12.2010 calculated within the provisions of the VATAct, is allowable to be claimed with effect from January 1, 2011 on monthly basis againstthe net tax payable for each month (after deducting the input credit against the output tax)
MEMBERS NEWSLETTERApril 2011subject to the lower amount of 10% of the unabsorbed input credit or 5% of the net taxpayable.In a case of a person who does not have any taxable supplies liable to tax with effect fromJanuary 1, 2011, the unabsorbed input credit as at December 31, 2011 may be set off in thefollowing manner subject to the same restriction. (The total claim, not exceeding 10% ofthe unabsorbed input credit as at 31/12/2011 or 5% of the tax payable whichever is lower)(i) Where the registered person is an operator of telecommunication services licensedunder section 17 of the Sri Lanka Telecommunication Act No 25 of 1991, the set off shall bemade against the sum payable as telecom levy.(ii) In the case of a registered person who is liable to pay income tax, the set off shall bemade as against the sum payable by such person as income tax payable effective fromJanuary 1, 2011.(iii) If provisions (i) or (ii) is not applicable the set off shall be made against the sumpayable after January 1, 2011 , by such person as tax under any written law for the timebeing in force, administrated by the Commissioner General of Inland Revenue4. Submission of returns (section 83 and 25B)(a) Monthly returns - zero rated persons, deemed exporters and persons registered duringthe project implementation periodQuarterly returns – for all others with payments on monthly basis(b)Suppliers of Financial ServicesBi-annually with payments on monthly basis – Effective from the 6 month ending 30.06.2011.5. VAT Suspension Scheme(a) The present suspension operated through Textile Quota Board (TQB) and ExportDevelopment Board (EDB) is brought under the Commissioner General of Inland Revenue witheffect from April 1, 2011. The implementation is as specified in the Guidelines by theDepartment.(b) The new suspension scheme with regards to supplies not covered under the aboveschemes is implemented through the Commissioner General of Inland Revenue for thefollowing categories:- Suppliers to exporters- Suppliers to deemed exporters- Suppliers to special projects- Suppliers to persons registered under section 22(7)
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<strong>MEMBERS</strong> <strong>NEWSLETTER</strong>April 2011- Taxi Meters under H S Codes 9029.10.10;- Agricultural machinery and parts under H S Codes 7309.00.10, 8479.89.30,7308.90.10, 8479.89.40, 8433.11, 8433.19 and 8433.90- Light weight electrical and electronic items under H S Codes 8414.51, 8516.32,8516.33, 8516.50, 8516.60.10, 8516.90.10, 8516.71, 8516.72, 8516.79.20, 8517.11,8521.10, 8521.90, 8527.91, 8527.92 8528.72.41, 8528.72.91, 9101.91, 9101.99,9105.11, 9105.19, 9105.21, 9105.29, 9105.91, 9105.99, and 9207.10 ;- - Articles use for Fashion Jewellery manufacturing under H S codes 3926.90.70(3923.10.01) /and H S Headings 28.43, 7018.10, 71.13, 71.14, 71.15, 71.16 and 71.17.- Fruit seeds with effect from August 16, 2010- Telecommunication equipments- Spare parts and accessories for exclusive use by Sri Lanka Transport Board and theDepartment of Sri Lanka Railways.The import of –- Goods to any infrastructure development project funded through foreign loans ordonations directly to government ministries, as approved by the Minister of Finance;- Machinery and High tech equipments for the use of telecommunication industry under H SCodes 8443.32.40, 8517.12.90, 8517.18, 8517.61, 8517.62.10, 8517.62.90, 8517.69,8517.70, 8523.52, 8536.69.10, 8536.69.90, 8536.90.10, 8536.90.90, 8544.11.90, 8544.19,8544.70; and- Aircraft simulators and parts under H S Codes 8805.21 and 8805.29.- Samples in relation to a business worth not more than rupees twenty five thousandsubject to such terms and conditions as prescribed by the director General of Customs3. Extension of input tax restriction { Section 22 (10) }The present restriction of 85% of the output tax is extended up to 100% in respect of any taxinvoices or custom declarations claimed on or after 01.01. 2011.Unabsorbed VAT input credit as at 31.12.2010 calculated within the provisions of the VATAct, is allowable to be claimed with effect from January 1, 2011 on monthly basis againstthe net tax payable for each month (after deducting the input credit against the output tax)
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