VAT to drive revenue growth in 2024

Tuesday, 12 December 2023 01:57 - - {{hitsCtrl.values.hits}}

Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.

Parliament green lights 18% VAT hike