Sri Lanka drops VAT hike plan
- Apr 6, 2016 | Richard Asquith
The Sri Lankan Inland Revenue Department has confirmed that it did not proceed with the plan to increase its VAT rate from 11% to 15 on 1 April 2016.
The plan had been announced in March as part of attempts to secure new International Monetary Fund backing.
The rise may only have been postponed, and more details will follow.