VAT on imported fabric reduced to 5 percent


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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