Hello! Could someone tell me whether foreign commission income is liable for NBT & VAT?

asked Aug 31, 2017 in NBT by anonymous

1 Answer

0 votes
answered Aug 31, 2017 by Nelumi
What sort of commission is this?

Here is an exemption available for foreign income in VAT Act. Check if your income falls under this.

Sec 7(c) any service provided by any person in Sri Lanka to another person outside Sri Lanka to be consumed or utilized outside Sri Lanka shall be zero rated provided that payment for such service in full has been
received in foreign currency from outside Sri Lanka through a bank in Sri Lanka
commented Aug 31, 2017 by anonymous
Thanks a lot. I think we are exempted then.
We are engaged in rubber trading, and we act as brokers and earn a commission.