The gazette notification on the increase in the Value Added Tax (VAT) was published today (June 01) under the signature of Sri Lankan Finance Minister Ranil Wickremesinghe.
The VAT shall be charged:
(a) On import of goods set out in the H. S. Code and description specified in Column I and II of Schedule of the Extraordinary Gazette Notification No. 2095/20 dated November 01, 2018, at the rate specified in the corresponding entry in Column III of such Schedule; and
(b) On the import and/or supply of goods or supply of services, other than the import of goods as referred to under sub-paragraph (a) of this paragraph, at the rate of twelve per centum (12%)