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Cabinet approves increase in Value-Added Tax (VAT) to 18% from Jan 1, 2024

Cabinet approves increase in Value-Added Tax (VAT) to 18% from Jan 1, 2024

31 Oct 2023 | BY Lahiru Doloswala

The Cabinet of Ministers has given its nod to an increase in the Value-Added Tax (VAT) set to take effect from the start of the year 2024. 


Announced by Cabinet Spokesperson Dr. Bandula Gunawardane, the VAT rate will be raised to 18% beginning on 1 January, 2024.


This decision carries financial implications and is poised to impact both businesses and consumers in the country. 


The move is a response to economic challenges and financial priorities, with the government looking to adjust the VAT rate to bolster revenue streams.

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