Exemption of Goods and Services under Value Added Tax Act, No. 14 of 2002

• The Value Added Tax Act, No. 14 of 2002 will be amended with effect from 31.12.2023.
• Goods and services exempted from VAT starting from 01.01.2024 are listed in PART III of the First Schedule to the Value Added Tax Act.
• Exempted goods include wheat and wheat flour, infant milk powder, pharmaceutical products, ayurvedic preparations, crude petroleum oil, artificial limbs, bio fertilizer, agricultural seeds, yarn used for textile industry, and dyes used for the handloom industry.
• Exempted services include educational services, public passenger transport services, electricity distribution, burial and cremation services, services at a restaurant in the Bandaranaike International Air Port, and goods and services to diplomatic missions.

Source: gov.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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