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VAT soared up to 18% based on fiscal services

The Committee on Public Accounts has approved the addition of amendments to the value added tax (VAT), surging the tax from 15 per cent to 18 per cent based on the provision of fiscal services.

The draft bill has been formulated to implement the tax policy proposals mentioned in the Cabinet Memorandum No. MF/FP/32/CM/2021/212 dated December 14, 2021

In addition, the amendment facilitates the exemption of the VAT on donations of medical equipment, machinery and medicines made to state-run hospitals and the Ministry of Health in the event of an epidemic or public emergency.

The CoPA also approved the compact between the Government of the Democratic Socialist Republic of Sri Lanka and the Government of the Republic of Turkey on the prevention of double taxation and tax avoidance on revenue-based taxes.

Nevertheless, the aforementioned amendment is due to be tabled in Parliament on March 24.

The Committee on Public Accounts aka CoPA was convened under the patronage of its Chairman MP Anura Priyadarshana Yapa at the Parliament complex yesterday (22).


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