Indirect tax proposals include:
- Increase in the rate of value added tax (VAT) on the import and/or supply of goods or supply of services to 15% (from 12%)—effective 1 September 2022
- Reduction in the VAT threshold to LKR 120 mn per annum (from LKR 300 mn per annum or LKR 75 mn per quarter)—effective 1 October 2022
- Removal of VAT exemption on condominiums—effective 1 October 2022
Source: KPMG
Latest Posts in "South Africa"
- South Africa to End VAT Exemption on Low-Value Imports, Impacting eCommerce and Education
- South Africa to Implement E-Invoicing and Real-Time VAT Reporting in Major Tax Overhaul
- Law to Phase Out Import VAT Relief on Small Parcels
- South Africa Proposes VAT Amendments to Implement E-Invoicing and E-Reporting Systems
- ANC Advocates Interest Rate Cuts Over VAT Hike to Stimulate South African Economy
