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
- Sri Lanka introduces special phone numbers to report election law violations September 17, 2024
- Sri Lanka to deploy 63,000 Police officers for 2024 Presidential Election security September 17, 2024
- Undistributed poll cards available for pickup at post offices from September 18-21 September 16, 2024
- Sri Lanka President says Milad-un-Nabi celebrates unity and harmony September 16, 2024
- Secret Service foils assassination attempt on Donald Trump at Florida golf course September 16, 2024
