Value Added Tax (Amendment) Act 2013 · As enacted
9. Amendment of section 16 of the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 16 of the principal enactment as last amended by the Value Added Tax (Amendment) Act, No.9 of 2011 is hereby further amended as follows:-
in subsection (1) of that section, by the substitution for the words and figures “does not exceed the value set out in section 10.” of the following:-
“does not exceed the value set out in section 10:
Provided that, any registered person who had had a total value of taxable supplies not exceeding rupees three million for a period of three months and rupees twelve million for a period of twelve months in the year ending as at December 31,
2012, shall request for the cancellation of his registration with effect from January 1, 2013, unless such registered person has reasons to believe that the taxable supplies of such registered person is likely to exceed the value of supplies specified in sub-paragraph (iii) of paragraph (c) of subsection (1) of section 10.”;
Act, No. 17 of 2013
in subsection (5) of that section, by the substitution for the words and figures, “by another person who is a registered person.” of the following:-
“by another person who is a registered person:
Provided that, in the case of a registered person whose registration is cancelled as specified in the proviso to subsection (1) -
where the assets (other than stock in trade)
are not transferred to another registered person at the time immediately prior to the date of cancellation, the Commissioner-General shall taking into consideration the value of the acquisition of the assets and the period of use of such assets based on the rates of depreciation applied for income tax purposes on such assets and other matters as may be relevant, determine the value of assets which are not so transferred.
the liability to stock in trade shall not exceed the unabsorbed input tax as at December 31, 2012.”.