Sri Lanka's Inland Revenue Department (IRD) has issued a notice to taxpayers confirming certain 2022 Budget VAT changes formally approved through the Value Added Tax (Amendment) Act No. 13 of 2022, which was certified on 31 March 2022. The main points of the notice include the following:
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1. VAT rate on supply of Financial Services
VAT rate on the supply of financial services by a specified institution or other person has been increased from 15% to 18% with effect from January 01, 20…