On 27 October 2016, Sri Lanka's Inland Revenue Department issued a notice announcing that the standard value added tax (VAT) rate will be increased to 15% effective 1 November 2016. The Nation Building Tax (NBT) rate will remain 2%.
Sri Lanka has adjusted its plans for the rates of both taxes multiple times in the past year as the government attempts to balance its budget and secure financing from the IMF ({News-2016-08-10/A/3- previous coverage}).