Sri Lanka is introducing a Special Goods and Services Tax (GST) that will apply to specified goods and services. The new GST does not replace Sri Lanka’s existing VAT system. Rather, it is an additional special tax.
The new Special GST is one of several interventions announced by Finance Minister Basil Rajapaksa in his 2022 budget speech. The GST was also announced in the previous year’s budget, but was not implemented because of the Covid-related economic downturn.
Source: vatglobal.com
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