Sri Lanka Consolidated Acts

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Value Added Tax (Amendment) Act (No. 6 of 2005) - Sect 3

Insertion of new section 2A in the principal enactment

3. The following new section is hereby inserted immediately after section 2 of the principal enactment and shall have effect as section 2A of that enactment:-
2A.
(1) The Minister may by Order vary the rates specified in section 2 insofar as the same relates to the increasing or reducing of the rates previously specified, and to such extent as it relates to the imposition of Value Added Tax specified under the aforesaid section.
(2) The Order made by the Minister under subsection (1) shall be in ' operation immediately upon the Minister affixing his signature thereto.
(3) Every such Order shall as soon as convenient be published in the Gazette.
(4) Every such Order shall as soon as convenient thereafter be approved by a Resolution of Parliament.
(5) Where any such Order is not approved by Parliament it shall be deemed to be rescinded with effect from the date of such Resolution".

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