- Sri Lanka’s Cabinet has approved an increase in the value added tax (VAT) rate to 18%.
- The increase will be effective from 1 January 2024.
- The Minister of Finance has the authority to change tax rates through a Gazette notification.
Source: kpmg.com
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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