{"id":160787,"date":"2016-04-15T13:27:54","date_gmt":"2016-04-15T07:57:54","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=160787"},"modified":"2016-04-15T13:27:54","modified_gmt":"2016-04-15T07:57:54","slug":"post-avurudu-shock-vat-to-be-increased-from-may","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/post-avurudu-shock-vat-to-be-increased-from-may\/","title":{"rendered":"Post Avurudu Shock: VAT To Be Increased From May"},"content":{"rendered":"

Merriment in view of the Sinhala and Tamil New Year was short lived, after the Ministry of Finance announced that the Value Added Tax<\/span><\/a> (VAT<\/span>) will be increased to 15% with effect from next month.<\/p>\n

\"Ranil\"<\/a>

Ranil Wickramasinghe \u2013 Minister of Economic Development & Policy Implementation<\/p><\/div>\n

Accordingly, the revised tax from 11% to 15%, which will come into effect from May 2, will also affect the telecommunication and health sectors, which was earlier exempted from VAT.<\/p>\n

The Nation Building Tax<\/span><\/a> (NBT) will remain unchanged at 2%, but the current exemptions granted for the telecommunication service, supply of electricity, lubricants, supply of good or services to any specified projects other than on housing projects, will be removed with effect from May 2.<\/p>\n

The Ministry of Finance also announced that the Share Transaction Levy shall be re-imposed at the rate of 0.3 percent from every buyer, and seller, on the turnover of every share trading transaction, which is conducted through a Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

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