As {News-2016-01-13/A/4- previously reported}, Sri Lanka had replaced the standard 11% value added tax (VAT) rate with a 12.5% rate and 8% rate. The change applied from 1 January 2016, but the Ministry of Finance decided to defer its implementation in a notice issued 14 January. As a result, suppliers that have already raised invoices to registered persons for either new rate from 1 January to 13 January 2016 must adjust the invoices and issue a tax credit note or tax debit note as the case m…