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A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax.
Taxation in Sri Lanka mainly includes excise duties, value added tax, income tax and tariffs. [1] Tax revenue is a primary constituent of the government's fiscal policy . The Government of Sri Lanka imposes taxes mainly of two types in the forms of direct taxes and indirect taxes.
Expenditure taxes were briefly implemented in the past in India and Sri Lanka. [2] This form of tax applies to the difference between an individual's income and any increase/decrease in savings. Simple personal consumption taxes are regressive with respect to income. However, because this tax applies on an individual basis, it can be made ...
Not all countries impose a capital gains tax, and most have different rates of taxation for individuals compared to corporations. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, the Cayman Islands, the Isle of Man, [1] Jamaica, [2] New Zealand, Sri Lanka, Singapore, and others. In some countries, such as New ...
A Poya occurs every full moon. [1] [2] Uposatha is important to Buddhists all around the world, who have adopted the lunar calendar for their religious observances.Owing to the moon's fullness of size as well as its effulgence, the full moon day is treated as the most auspicious of the four lunar phases occurring once every lunar month (29.5 days) and thus marked by a holiday.
A turnover tax is similar to VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax , typically on an ad valorem basis, applicable to a production process or stage.
Sri Lanka's cabinet approved issuing free tourist visas to visitors from 35 countries including China, India and Russia, a top official said on Thursday, in an effort to boost tourism and help ...
The Association of Accounting Technicians of Sri Lanka, or AATSL, is a Sri Lankan qualification and professional body for vocational accountants which was launched as an initiative that came through the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). AAT is a technician level qualification offering higher apprenticeships which ...