Prime Minister Ranil Wickremesinghe today declared that there will be no ‘adverse impact’ despite the interim order by Supreme Court preventing the implementation of the revised VAT and NBT taxes.
A Supreme Court bench including Chief Justice K. Sripavan issued an interim order following a Fundamental Rights petition filed by MP Wimal Weerawansa, challenging the tax revisions to VAT and NBT.
Issuing a statement, Wickremesinghe said “this interim order is not expected to have any adverse impact on the government’s revenue collection.”
He noted that the VAT (Amendment) Bill has already been presented to the Parliament for the first reading on 08 July 2016, and the second reading is expected on 23 July 2016.
“The Unity government, which has a clear majority in the Parliament, expects the legislative process to be completed before the end of the month of July 2016. Thereafter, the revised rates will be applicable with effect from 02 May 2016,” he added.