Deputy Minister of Economic Development, Nishantha Jayaweera, has announced that the budget proposal to reduce the annual turnover threshold for Value Added Tax (VAT) and the Social Security Contribution Levy (SSCL) from Rs.60 million to Rs.36 million will not be implemented.
The proposal to reduce the annual turnover threshold from Rs.60 million to Rs.36 million was to come into effect from July 1.
“We are removing this proposal after receiving the relevant clearance from the Cabinet of Ministers and the Attorney General, as well as the recommendations of the Parliamentary Consultative Committee,” he said, addressing Parliament today (23).
Deputy Minister of Economic Development, Nishantha Jayaweera, further questioned why the Opposition was opposing the move when they themselves called for such taxes. (Newswire)