- The Committee on Public Finance (COPF) has approved a VAT increase to 18% pending necessary amendments.
- Only a limited number of items will be exempt from VAT.
- The Government aims to boost its tax revenue.
- The Chairman has proposed reconsidering VAT exceptions for certain items such as infant food.
- VAT has been imposed on fertiliser, diesel, and medical equipment, and the MP has asked the Government to reconsider and provide tax exemptions for these items.
Source: ft.lk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
