Tax hike on fuel and cooking gas removed in 18 per cent VAT increase

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The 7.5 per cent Port and Airport Levy for fuel and 2.5 per cent for Liquid Petroleum (LP) gas will be removed when the 18 per cent Value Added Tax (VAT) comes into effect from January 1 next year, the Ministry of Finance said.

The estimated revenue from increasing the VAT to 18 per cent from 15 per cent will be in the region of Rs. 227 billion while an additional sum of Rs. 40 billion is to be collected by bringing the VAT threshold to Rs. 60 million from Rs. 80 million, Finance Ministry’s revenue estimates shows.

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