VAT to increase from 12% to 15% in September

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President Ranil Wickremesinghe says that the Value Added Tax (VAT) rate will be increased from 12% to 15% from 1 September.

He was presenting the 2022 Interim Budget in Parliament today (30).

President Wickremesinghe suggested all citizens above 18 years to register with the Inland Revenue Department to strengthen the tax regime.

The Head of State also said that a National Debt Management Institute will be established.

Speaking further, he said a new Central Bank Act will also be implemented.