5 Major Developments in Sri Lanka

5 Major Developments in Sri Lanka

• Govt. to Boost Tax Revenue by Removing VAT Exemptions

• Cabinet approval for two VAT reforms

• Cabinet approves proposal to abolish SVAT system and rationalize VAT exemptions

• Sri Lanka Aims for 1.2-pct GDP Revenue Gain from Scrapping VAT Exemptions

• Value Added Tax On Financial Services

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Exemption

• Govt. to Boost Tax Revenue by Removing VAT Exemptions

• Sri Lankan cabinet approves proposal to remove many VAT exemptions

• Cabinet approval for two VAT reforms

• Cabinet approves proposal to abolish SVAT system and rationalize VAT exemptions

• Sri Lanka Aims for 1.2-pct GDP Revenue Gain from Scrapping VAT Exemptions

Fraud / Tax Evasion

• ‘No widespread abuse of temporary VAT certificates’

Rate

• Govt. Expenditure Spikes by Rs. 1 t in Dec., Closes FY22 at Rs. 4.5 t

• Sri Lanka benefits from VAT, no evidence to support regressive claims: economist

• Sri Lanka Benefits from VAT, No Evidence to Support Regressive Claims: Economist

Refund

• Cabinet approval for two VAT reforms

Reporting / Compliance

• Value Added Tax On Financial Services