STATE COLLEGE, PA – OCTOBER 23: The Penn State Nittany Lion prepares to usher the Blue Band onto the field as the Lion celebrated his 100th birthday in front of a home coming crowd of 108,062 as the Iowa Hawkeyes defeated Penn State 6-4 during NCAA football at Beaver Stadium on October 23, 2004 in State College, Pennsylvania. (Photo by Doug Pensinger/Getty Images)Since taking over as athletic director of Penn State in 2014, Sandy Barbour has overseen the football team’s return to respectability and numerous accomplishments by athletes. As a result, the school has decided to reward her.According to PennLive, Penn State is extending Barbour through the year 2023. In addition, Barbour’s title has been changed from athletic director to “Vice President of Intercollegiate Athletics.”In a statement coming with the announcement, Penn State president Eric Barron praised Barbour’s performance and leadership. He added that Barbour has earned a reputation as one of the top athletic directors in the nation.“Sandy has consistently promoted excellence in intercollegiate athletics — in academics and athletic competitions, and she is widely hailed among the best athletic directors in the nation,” said Penn State President Eric Barron.“She is a powerful advocate for those who wear the blue and white, and her leadership has help advance our shared vision of what intercollegiate athletics can be. I’m proud of our student-athletics, the coaches and staff, and I’m very pleased that Sandy will be able to lead them to even greater success.”In five years at the helm, Barbour has overseen several NCAA national championship teams in men’s wrestling, women’s soccer, women’s volleyball, and co-ed fencing.In total, Penn State has won five national titles and 25 conference titles under Barbour’s leadership.Barbour also oversaw Penn State’s football team return to bowl eligibility following its two-year ban from 2012 to 2013.In 2016, the Nittany Lions upset No. 2 Ohio State in the regular season en route to a Big Ten championship – their first since 2008.Additionally, the 2016 Olympic Games in Rio de Janeiro saw Penn State send its highest number of athletes ever with 21. Eight of the school’s athletes went on to win medals – seven bronze and one silver.[PennLive]
Although the retail and wholesale merchants whose daily turnover exceed Rs.138, 000 will be brought under the threshold for the payment of VAT, in accordance with the proposed VAT amendment Bill, the VAT will really be charged only on the revenue accumulated on the sale of vatable goods, the Ministry of Finance said today.The new amendment to the VAT Act, envisages imposition of 15% VAT, instead of the current 11 %. Though it appears that there is an increase in the rate but in real term the quantum of payment to be made under the new amendment will come down due to the elimination of the hidden payment that was in the existing system. Accordingly, a merchant whose daily revenue is Rs 200,000 under the existing VAT Act had to pay altogether Rs 16,500 being the 11 percent VAT whereas the same merchant under the proposed amendment has to pay altogether Rs 7,500 only though the rate of VAT will be increased to 15 percent.The VAT should be paid for certain commodities such as cosmetics, biscuit, soap and processed food item. All other essential commodities have been exempted from VAT, therefore, VAT will not be charged for such VAT exempted goods. Under such circumstances, certain factions who had kept tight lipped when the heavy VAT ranging even up to 20% were charged during the previous government, have now started to react maliciously. It was observed in the recent past that such groups used local business community as its cat’s paw by propagating malicious and mischievous remarks on the proposed VAT. (Colombo Gazette) Value Added Tax known as VAT was introduced to the tax system in Sri Lanka in 2002. At the beginning, VAT was charged under three levels at the rates of 0%, 10% and 20%. In 2005, it was increased as 5%, 15% and 18%. Later, in 2006, VAT was increased to a single rate of 20%.The then ruling government reduced the VAT to 15% in 2007 and it was further reduced to 12% in 2009.VAT was the tax on domestic consumption of goods and services since its inception but, for the first time, it was extended to retail and wholesale sectors by the then ruling government in 2013. Accordingly, super markets and other trade outlets engaged in retail and wholesale with a daily turnover above Rs 2.8 million were brought under tax net and, a 12% VAT was imposed on such business institutions. However, this threshold was reduced to Rs 1.4 million in 2014. A limited number of VAT payable goods included in the turnover but the traders were compelled to pay VAT for the total turnover during that period. “For instance if a merchant whose daily turnover is Rs.200,000 and the revenue from the sale of goods liable for VAT is Rs 50,000 he has to pay only Rs 7500.00 being the 15 % VAT for that Rs 50,000 under the new amendment. Whereas under the existing system though the VAT payable is 11 %, the same merchant who has the turnover of Rs 200,000 will have to pay more. While paying Rs 5,500 being the 11% VAT for the revenue of Rs 50,000 he also had to pay an additional 11 % for the revenue of Rs 200,000 minus the maximum exemption of 25 percent granted on the total revenue,” the Finance Ministry said. Under the new Act, only the wholesale and retail shops which exceed their daily turnover of Rs.138, 000 will be categorized as VAT payable merchants. But the uniqueness is that the traders will be charged 15% VAT only on the goods for which VAT is payable.Under the new Act, VAT will not be charged on any essential item. Several health services provided by private hospital sector has also been exempted from VAT. Among such services are: OPD service, Laboratory service and dialysis services.The VAT is borne by the final or the ultimate consumer and not by the trader. It is an indirect tax and the Government will receive at the end, through all the intermediary suppliers and whole sale and retailers, an amount equal to the amount paid by the final consumer.