The bill to amend the Value Added Tax (VAT) Act No. 14 of 2002 (published on 31 August 2023) and the Committee Stage amendments were approved by Members of the Parliament on 11 December 2023. The bill is still pending the certification by the Speaker.
Key changes include the following:
- Introduction of a new VAT exemption list
- Simplified Value Added Tax (SVAT) Scheme
Source: KPMG
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