The Value Added Tax (VAT) and the Nation Building Tax (NBT) will be effective from November 1, the Ministry of Finance announed today.
The VAT increase from 11% to 15% was approved yesterday with the passage of the Value Added Tax (Amendment) Bill in Parliament.
However, the NBT rate of 2% remains unchanged.
Finance Minister Ravi Karunanayake told Parliament yesterday that the Government aims to earn a revenue of Rs.1.8 billion from the VAT revision.
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Former Chairman of SriLankan Airlines, Nishantha Wickramasinghe, arrested on allegation of corruption by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has been remanded until July 1 by the Colombo Magistrate court.
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