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Sri Lanka Increases Standard VAT Rate to 12% and Planning Further Tax Reforms to Increase Revenue

The Sri Lanka Inland Revenue Department has issued a Notice to VAT Registered Persons on changes in the VAT rates as per the Extraordinary Gazette Notification No. 2282/26, published in the Official Gazette on 31 May 2022. The notification was issued as part of government tax reform plans to increase revenue, changes in VAT rates are effective June 1,  2022

Source Orbitax

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