VAT increased to 15 percent

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The Value Added Tax (VAT) rate will be increased to 15 percent from the current rate of 12 percent with effect from September 1, 2022, President Ranil Wickremesinghe said in his budget speech.

The  prices of all goods and services will increase as a result of the  VAT  increase

Presenting the interim budget for 2022, he said a number of tax reforms pertaining to Income Tax, Value Added Tax (VAT), Telecommunication Levy, and Betting and Gaming Levy had been already approved to be implemented.

President Ranil Wickremesinghe’s interim budget largely meets the expectations of the International Monetary Fund (IMF) said, commentators.

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