IRD withdraws temporary VAT number scheme due to large-scale abuse By Damith Wickremasekara View(s): View(s):The Inland Revenue Department (IRD) has decided to withdraw the facility of providing temporary VAT (Value-Added Tax) numbers for imports for commercial purposes in view of the misuse of the system. However, temporary VAT numbers will be issued for imports by the government. Until the amendments are approved for imports of medicines too, temporary VAT numbers will be issued, she said. Ms. Chandrasekara said those holding temporary VAT numbers were being registered for permanent VAT numbers, and already 6,000 had been registered. The official said they were estimating the losses suffered due to the temporary VAT number.

Source: Sunday Times June 23, 2024 02:09 UTC