The Inland Revenue Department has decided not to implement the proposed Value Added Tax(VAT) Revisions which scheduled to be implemented with effect from today(01) until further notice.Accordingly the applicable VAT rate will remain as 1% the commissioner general of Inland Revenue Department Kalyani Dissanayake has stated.
Prime Minister Ranil Wikramasinghe has announced at Parliament in last March that the VAT Rate will be increased to 15% from the current rate of 11% with effect from 01st of April.The Prime Minister has also stated the government will impose capital gain tax.
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