Apr 01, 2016 (LBO) – The final decision on Value Added Tax will be taken by next Friday, State Finance Minister Lakshman Yapa Abeywardena told LankaBusinessOnline a short while ago.
“No decision has been taken yet. It will be decided next Friday,” Abeywardena said.
There are reports saying the decision to increase VAT has already been suspended until a final decision.
2016 budget initially proposed a duel band VAT system with 8 percent and 12.5 percent.
However, making a special statement in Parliament, Prime Minister recently said the VAT will be simplified to a single rate while increasing the rate to 15 percent from the current 11 percent.
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