Sri Lanka cuts VAT from 15% to 8%
- Nov 28, 2019 | Richard Asquith
Sri Lanka’s government has announced plans to reduce its Value Added Tax standard rate from 15% to 8% most goods on 1 December 2019. Financial Services will remain at 15%. Tourism-related services will be zero-rated. At the same time, it will withdraw the 2% Nation Building Tax.
The VAT registration threshold has recently been raised from 1 million rupees to 25 million per month.
The Sri Lankan VAT rate had been increased from 11% to 15% in November 2016.
Sales tax rates, rules, and regulations change frequently. Although we hope you'll find this information helpful, this blog is for informational purposes only and does not provide legal or tax advice.
VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax
Richard Asquith
Richard Asquith is the former VP Global Indirect Tax at Avalara