Sri Lanka finally implement VAT Changes

As of the 1st of November 2016 the VAT rate in Sri Lanka has risen from 11% to 15%. There has been a lot of confusion over the last few years as to what changes the Government were going to make, as they have announced several proposals previously that have fallen though at the eleventh hour see our previous post here – Will Sri Lanka implement an increased VAT rate?. This is one reason why it is essential to have an adaptable and manageable indirect tax solution.

With this standard VAT increase there have also been several other VAT changes implemented. A range of 81 basic foodstuffs and other products are now Zero-rated. These changes fall inline with the monetary programme set out by the IMF.

Laura Stockley
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Laura Stockley

Consultant at eBiz Answers Ltd
Laura graduated from University with a degree in Business Studies, and has been working as an Oracle eBTax consultant for several years now, with both R12 eBTax and Fusion (Oracle Cloud) Tax. Focussing primarily on the tax module and its components, Laura also works on the other financial modules and understands how they integrate with the tax engine. Laura has worked on projects with multiple clients covering all aspects of the tax module including AP, AR and GL, working on everything from design, configuration, testing to support. An excellent communicator, Laura enjoys interacting with end users and relishes the challenge of resolving their issues; making tax an enjoyable experience, always.
Laura Stockley
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