The Sri Lanka Inland Revenue Department has issued a Notice to VAT Registered Persons on changes in the VAT rates as per the Extraordinary Gazette Notification No. 2282/26, published in the Official Gazette on 31 May 2022. The notification was issued as part of government tax reform plans to increase revenue and provides the following VAT rates with effect from 1 June 2022:
- 0% on the import of goods (fabrics) set out in the H.S. Code and description specified in Columns I and II of Schedu…