DOES SRI LANKA 🇱🇰 CHANGE VAT FROM 18% TO 20.5%?

⭕ Sri Lanka 🇱🇰 has NOT changed the general VAT (Value Added Tax) rate from 18% to 20.5%. The standard VAT on goods and services remains at 18%.

⭕ The 20.5% rate applies only to financial services, not to everyday consumer goods or general services.

⭕ Earlier tax structure on financial services included:
• VAT: 18%
• Social Security Contribution Levy (SSCL): 2.5%

⭕ The new system combines VAT and SSCL into a single 20.5% rate.

#SriLanka #VATAmendment