PM proposes to increase VAT to 15%
Posted by Editor on March 8, 2016 - 8:06 pm
Prime Minister Ranil Wickremesinghe has proposed in parliament today that the Value Added Tax (VAT) should be increased to 15 per cent considering the current global economic situation and shortcomings in the methodology of collecting tax.
The Prime Minister making a special statement in parliament said that tax concessions granted on Telecommunication services, private education and health services would be removed.
He said VAT would not be imposed on Essential commodities and electricity while it would be imposed only on selected non essential commodities.
(Daily Mirror)
Latest Headlines in Sri Lanka
- Sri Lanka moving towards social revolution – Anura December 5, 2023
- Sri Lanka needs US $ 1.4 trillion additional investment to realise SDGs by 2030: IPS study December 5, 2023
- Sri Lanka’s Sports Minister appoints new National Sports Council December 4, 2023
- ‘We quit our stressful public sector jobs to earn £150 a month in Sri Lanka’ December 4, 2023
- Suminda Sirisena passes away December 4, 2023
