- Last Update 2024-12-19 12:49:00
VAT increase and NBT effective from Nov.1
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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