In two weeks time the VAT component will be increased to 15%

In two weeks time the VAT component will be increased to 15%

Although it was proposed by the Prime Minister Ranil Wickremasinghe that the Value Added tax component would be reduced from time to time,the government has now decided to increase the
Value Added Tax component in respect of many services and products to 15% in two weeks time from the 02nd May.

The Minister of Finance had confirmed this increase in the VAT component from the 02nd of May.It is reported that the products related to telecommunication services, its products, equipment ,health protection services and housing project services would be exempted from this tax.