Sri Lanka 15% VAT May 2016

Fri 15th Apr 2016

Sri Lanka has named 2 May as the latest date for a rise in its standard value added tax rate from 12% to 15%.

The rise was last scheduled for 1 April.

Part of the delay is due to the ongoing negotiations with the International Monetary Fund on new $1.5 billion debt financing. The VAT rise is a crucial part of the efforts to close the country’s fiscal deficit.