Construction expenses in Sri Lanka rise by 20% after VAT hike
Posted by Editor on January 6, 2024 - 11:08 am
(Photo: Pixabay)
After the increase in VAT from January 01, 2024, the overall construction expenses have increased by 20%, Chairman of the National Construction Association of Sri Lanka M.D. Paul said.
He said that the construction sector is facing a severe crisis due to the inclusion of fuel in the list of goods subject to VAT.
He added that many items such as machinery, electricity, and light bulbs, which were previously on the exempt list, are now applicable for VAT, and that due to this, construction expenses have shot up by 20%.
Latest Headlines in Sri Lanka
- Iranian President Ebrahim Raisi’s helicopter crashes in heavy fog May 19, 2024
- Sri Lanka President visits Indonesia for World Water Summit, meets Elon Musk May 19, 2024
- Sri Lanka marks 15th Anniversary of war victory May 19, 2024
- Sri Lanka Army promotes 114 officers and over 1,300 other ranks May 19, 2024
- US reaffirms strong support for Sri Lankans seeking justice and equal rights May 18, 2024
