New 15 percent VAT to come into effect from November

Vat1The 15 percent Value Added Tax (VAT) and the Nation Building Tax will come into effect from November 1, the Ministry of Finance said.

The VAT Amendment Bill was passed by Parliament yesterday.

The Bill was passed with 76 Parliamentarians voting for the Bill and 23 against it during the third reading in Parliament today.

The Finance Ministry said that while Milk Food has been brought under the VAT net there is no change in the selling price as it has already been brought under Price Control.
Further though the 2 %  NBT  is included to the Electricity it will not be passed on to the consumer as the CEB will absorb it into their expenses. (Colombo Gazette)

1 COMMENT

  1. Business owners bribe the tax officers and pay little as possible. But poor citizens have to pay 15% VAT, welcome to good governance.

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