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Parliament approves Sri Lanka's much delayed VAT bill

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Parliament approves Sri Lanka's much delayed VAT bill

Post by Future123 on Wed Oct 26, 2016 7:16 pm

Another gift by YP for the people of Sri Lanka. People should not vote for the politicians who voted in favour of VAT.

ECONOMYNEXT - Sri Lanka's parliament Wednesday approved the controversial bill to amend for Value Added Tax with 112 members voting for and 46 against.

Deputy Speaker Thilanga Sumathipala told the assembly that the amendment bill was now approved and will become law as soon as Spreaker Karu Jayasuriya gives his assent.

The Supreme Court informed parliament Tuesday that the bill was not inconsistent with the constitution. The Rajapaksa faction of the opposition had challenged the VAT bill which was once shot down because it was not properly introduced in parliament.

Sri Lanka earlier tried to slap the tax on a 'minister's prerogative' an unconstitutional and undemocratic practice was halted by court.

Critics say Sri Lanka's parliament had become a rubber stamp to the finance minister and Treasury mandarins who slap tax by midnight gazette. (COLOMBO, October 26, 2016)

http://www.economynext.com/Parliament_approves_Sri_Lanka_s_much_delayed_VAT_bill-3-6456-1.html

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Re: Parliament approves Sri Lanka's much delayed VAT bill

Post by sashimaal on Wed Oct 26, 2016 7:30 pm

Issue is with the process. RK lacks ground level understanding.

15% VAT is a good thing for the economy / needed as at now.
I don't think any economist will disagree. Only emotionally and politically driven people will shout.

Having too many industries getting exemptions was one of the criticisms previous Govt had and rightfully so.
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Re: Parliament approves Sri Lanka's much delayed VAT bill

Post by Future123 on Wed Oct 26, 2016 11:19 pm

It's too bad taxing 15% from a heart patient coming for a surgery. It's like drakula sucking blood. It's the first time in the history of Sri Lanka where a tax of this nature being charged. Rich people won't surely feel the pain whereas middle class like me will suffer more. This is why rich still support these taxes and middle class and poor resist.

Also 15% on internet is not a good thing where as an emerging nation we move towards IT.




sashimaal wrote:Issue is with the process. RK lacks ground level understanding.

15% VAT is a good thing for the economy / needed as at now.
I don't think any economist will disagree. Only emotionally and politically driven people will shout.

Having too many industries getting exemptions was one of the criticisms previous Govt had and rightfully so.

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Re: Parliament approves Sri Lanka's much delayed VAT bill

Post by sashimaal on Wed Oct 26, 2016 11:40 pm

Charging VAT on in-patient healthcare (room charges and consultation) is one aspect and it is clearly wrong. That is why i said RK doesn't have ground level understanding. I don't know why it is continuing against all the controversy.

But 15% VAT is not only that. Much broader application.

Since you are not intelligent enough to discuss without bringing personal matters i will stop this discussion here. Those who know me know who i am and those who know you knows who you are Very Happy



Future123 wrote:It's too bad taxing 15% from a heart patient coming for a surgery. It's like drakula sucking blood. It's the first time in the history of Sri Lanka where a tax of this nature being charged. Rich people won't surely feel the pain whereas middle class like me will suffer more. This is why rich still support these taxes and middle class and poor resist. I will not bother if I'm in top 20 shareholder list in many companies.

Also 15% on internet is not a good thing where as an emerging nation we move towards IT.




sashimaal wrote:Issue is with the process. RK lacks ground level understanding.

15% VAT is a good thing for the economy / needed as at now.
I don't think any economist will disagree. Only emotionally and politically driven people will shout.

Having too many industries getting exemptions was one of the criticisms previous Govt had and rightfully so.
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