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Sri Lanka Announces VAT Changes In New Budget

by Lorys Charalambous, Tax-News.com, Cyprus

02 December 2015


The Sri Lankan Government announced plans to overhaul its value-added tax regime in its new 2016 Budget.

The Budget proposes to remove certain exemptions, in particular for the telecoms industry, to boost revenues.

In addition, the present single 11 percent rate of tax will be replaced with three bands: a zero rate will apply to exported goods and the provision of services for consideration in foreign currency outside of Sri Lanka; a 12.5 percent rate will apply to the services sector; and an eight percent rate will be levied on the manufacturing sector and on imported goods.

In addition, the VAT registration threshold will be increased to LKR12m (USD83,000).

TAGS: VAT rates | VAT registration / deregistration | tax | value added tax (VAT) | Sri Lanka | Manufacturing | manufacturing | currency | retail | trade | telecoms | services | Tax

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