vat
The Value Added Tax (VAT) and the Nation Building Tax (NBT) will be implemented from November 1, the Finance Ministry announced

The ministry said in a statement that VAT would be increased from 11 per cent to 15 per cent. It said the annual VAT threshold on the wholesale and retail market would be Rs.50 million while the general VAT threshold would be Rs.12 million.

The NBT rate would remain at 2 per cent with the NBT on turn over reduced to Rs.3 million from Rs.3.7 million. NBT will also be applicable on telecommunication services and electricity.

The Finance Ministry today published the list of goods and services which are exempted from the Value Added Tax (VAT). The list includes goods such as rice, bread, dhal, coconut, medicinal drugs, fuel and electricity.

The list as follows:

1.Wheat
2.Wheat flour
3.Rice
4.Sugar
5.Dhal
6.Dried fish
7.Canned fish
8.Maldives fish
9.Spices
10.Bread
11.Fresh milk
12.Tea
13.Rubber
14.Coconut
15.Coconut oil
16.Coconut milk
17.Eggs
18.Prawns
19.Fruits
20.Vegetables
21.Potato
22.Sprats
23.Red onions
24.Bombay onions
25.Garlic
26.Green grams
27.Chilies
28.Eyed beans
29.Chickpea
30.Black gram
31.Coriander
32.Peanut
33.Manure
34.Medicinal drugs
35.Medicinal drugs manufacturing machines
36.Medicinal drugs manufacturing instruments
37.Medicinal drugs packing appliances
38.Ayurvedic appliances
39.Wheel chairs
40.Hand crutches
41.Hearing aids
42. White canes
43.Braille machines
44.Braille papers
45.Spectacle frames
46.Spectacle manufacturing raw materials
47.Out Patient Department’s (OPD) service
48.Dialysis treatments
49.Diseases testing
50.Surgeries
51.Diesel
52.Transport service
53.Kerosene oil
54.Petrol
55.Aviation fuel
56.Vehicles with production tax
57.Bowsers
58.Agricultural seeds
59.Agricultural plants
60.Agricultural machines
61.Tractors
62.Rice processing machines
63.Bakery product machines
64.Milk producing machines
65.Fishing instruments
66.Green houses
67.Construction machines
68.Electricity
69.Solar power generating machines
70.Power saving bulbs
71.Power saving bulbs producing raw materials
72.Education services
73.Library services
74.Computers and accessories
75.Computer software
76.Printed books
77.Sport accessories
78.Life insurances
79.Mobile phones
80.Gems, pearls and diamonds
81.Gold and platinum
82.Selling of houses

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