Increase Of VAT And Nation Building Taxes To Be Implemented From 01st Of November

The increase of Value Added Tax(VAT) and Nation Building Tax(NBT) will be implemented with effect from 01st of November according to the Ministry of Finance.

The VAT Increase from 11% to 15% was approved when the VAT Amendment Bill was passed in Parliament yesterday(26) with majority of 53 votes.

Accordingly the VAT increase will affect tobacco,telecom,air ticket fees and private medical services excluding Dialysis,OPD Services and diagnostic tests and the 2% Nation Building Tax rate will remain unchanged it has been reported.