New 15% VAT scheme to take effect from May 2

Vat1The new 15% Value Added Tax (VAT) scheme will take effect from May 2, the Ministry of Finance said today.

The proposed tax revisions which were to take effect from April 1 was suspended with no new date announced.

As a result VAT was not increased to 15% as proposed in the 2016 budget and instead remained at 11 percent.

However now the Finance Ministry says VAT will be increased to 15% from May 2. (Colombo Gazette)

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