VAT on imported fabric reduced to 5 percent

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Minister of Finance and Mass Media Mangala Samaraweera considering the requests made by the stakeholders in the fabric industry has reduced the Value Added Tax (VAT) on imported fabric to 5%.Minister Samaraweera signed the gazette notification yesterday. Earlier the fabric was subject to Rs 100/kg CESS at the time of imports. The Budget- 2108 had proposed to impose a 15 % VAT on goods, the Value Added Tax Act No 14 of 2002 was amended accordingly, and the new VAT scheme came into effect from August 16, 2018.

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