Sri Lanka: Cabinet approval to increase VAT rate to 18%, effective 1 January 2024
The Cabinet of Ministers granted approval to increase the value added tax rate to 18%.
The Cabinet of Ministers granted approval to increase the value added tax rate to 18%.
The Cabinet of Ministers granted approval to increase the value added tax (VAT) rate to 18%, effective 1 January 2024.
In accordance with Section 2A of the VAT Act No. 14 of 2002 and amendments, the Minister of Finance is empowered to vary the tax rates specified in the VAT Act via a Gazette notification.
Read a November 2023 report [PDF 479 KB] prepared by the KPMG member firm in Sri Lanka
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