COPF Approves 18% VAT Increase with Limited Exemptions, Pending Amendments

• The Committee on Public Finance (COPF) has approved a VAT increase to 18% pending necessary amendments.
• Only a limited number of items will be exempt from VAT.
• The Government aims to boost its tax revenue.
• The Chairman has proposed reconsidering VAT exceptions for certain items such as infant food.
• VAT has been imposed on fertiliser, diesel, and medical equipment, and the MP has asked the Government to reconsider and provide tax exemptions for these items.

Source: ft.lk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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