No VAT on electricity and medicine

 

 

Value Added Tax will not be imposed on electricity and medicine, State Minister of Finance Lakshman Yapa Abeywardena stated. 

 

Earlier this week it was revealed that, the Value Added Tax (VAT) was scheduled to be increased to 15 % from 2 May. 

 

Prime Minister Ranil Wickremesinghe addressing the Parliament stated that the Value Added Tax (VAT) will be increased to 15%, while the Nation Building Tax (NBT) will stay unchanged. The Prime Minister further added that such an increase was necessary to face Global Economic changes.