Finance Minister presents Special Goods and Services Tax Bill at Parliament

Finance Minister presents Special Goods and Services Tax Bill at Parliament

Finance Minister presents Special Goods and Services Tax Bill at Parliament

Written by Amani Nilar

20 Jan, 2022 | 10:17 am

COLOMBO (News 1st); The Minister of Finance, Basil Rajapaksa on Thursday (20) presented the Special Goods and Services Tax Bill, which was approved by the Cabinet of Ministers, in Parliament. 

Accordingly, the bill will provide for the imposition of a special goods and services tax, in lieu of the sums chargeable on specified goods and services by way of tax, duty, levy, cess or any other charge imposed by law.

Moreover, the bill will also promote self-compliance in the payment of taxes in order to ensure greater efficiency in relation to the collection and administration or such taxes by avoiding complexities associated with the application and administration of a multiple tax regime on specified goods and services.

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