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
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