NewsThe Value Added Tax (VAT) and the Nation Building Tax (NBT) will be effective from November 1, the Ministry of Finance announed today. The VAT increase from 11% to 15% was approved yesterday with the passage of the Value Added Tax (Amendment) Bill in Parliament. However, the NBT rate of 2% remains unchanged. Finance Minister Ravi Karunanayake told Parliament yesterday that the Government aims to earn a revenue of Rs.1.8 billion from the VAT revision.

Source: Sunday Times October 27, 2016 09:40 UTC