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  • Notice To Vat Registered Persons 31 08 2022

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    Madurika
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    The Inland Revenue Department issued a notice announcing changes to Value Added Tax (VAT) rates in Sri Lanka effective September 1, 2022. Specifically, the VAT rate on the import of certain fabrics was reduced to 0% while the standard VAT rate on all other imports and domestic goods and services was increased from 12% to 15%. Additionally, the VAT rate on supplies by hotels, restaurants, and other tourism-related businesses was also increased from 0% to 15%.

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    The Inland Revenue Department issued a notice announcing changes to Value Added Tax (VAT) rates in Sri Lanka effective September 1, 2022. Specifically, the VAT rate on the import of certain fabrics was reduced to 0% while the standard VAT rate on all other imports and domestic goods and services was increased from 12% to 15%. Additionally, the VAT rate on supplies by hotels, restaurants, and other tourism-related businesses was also increased from 0% to 15%.

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    © All Rights Reserved
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    6 views1 page

    Notice To Vat Registered Persons 31 08 2022

    Uploaded by

    Madurika
    The Inland Revenue Department issued a notice announcing changes to Value Added Tax (VAT) rates in Sri Lanka effective September 1, 2022. Specifically, the VAT rate on the import of certain fabrics was reduced to 0% while the standard VAT rate on all other imports and domestic goods and services was increased from 12% to 15%. Additionally, the VAT rate on supplies by hotels, restaurants, and other tourism-related businesses was also increased from 0% to 15%.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    PN/VAT/2022-03

    31.08.2022

    INLAND REVENUE DEPARTMENT


    Notice to VAT Registered Persons

    Change of Value Added Tax (VAT) Rate

    As per the Extraordinary Gazette Notification No. 2295/08 dated August 31, 2022, published
    under section 2A of the Value Added Tax Act, No. 14 of 2002, VAT rate has been revised with
    effect from September 01, 2022 as set out below.

    Description VAT Rate

    (a) Import of goods (Fabrics)


    Import of fabrics set out in the H.S. Code and description specified
    in Column I and II of Schedule of the Extraordinary Gazette Zero per centum
    Notification No. 2095/20 dated November 1, 2018 (0%)

    (b) Standard Rate


    Import and/or supply of goods or supply of services, other than Fifteen per centum
    import of goods as referred to under above paragraph [paragraph (a)] (15%)

    Including,
    supply of services by a hotel, guest house, restaurant or other
    similar businesses providing similar services, registered with Fifteen per centum
    the Sri Lanka Tourism Development Authority, (for which (15%)
    VAT rate on such supply was at 0% from December 01, 2019
    to May 31, 2022)

    Further, VAT Rate applicable on supply of financial services remains unchanged at


    Eighteen per centum (18%)

    Commissioner General of Inland Revenue

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