Parliament Passes Proposal to Increase VAT to 18% in 2024 Budget

• The Value-Added Tax (Amendment) Bill was passed in Parliament with amendments.
• 100 Parliamentarians voted in favor of the bill, while 55 MPs voted against it.
• The second reading of the bill was also passed with a majority of 57 votes.
• MP Roshan Ranasinghe, who was recently sacked from his ministerial portfolio, voted against the bill.
• The debate on the bill was held after being adjourned due to a lack of quorum.
• The government has proposed to increase VAT to 18% effective from January in its Budget for the fiscal year 2024.

Source: newswire.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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