No VAT Hike to 20.5%, Says Deputy Minister; Move Aims to Simplify Tax System - LNW Lanka News Web
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No VAT Hike to 20.5%, Says Deputy Minister; Move Aims to Simplify Tax System - LNW Lanka News Web
Economic Development Deputy Minister Nishantha Jayaweera has clarified that the planned Value Added Tax (VAT) revision from July 1, 2026 is intended to simplify the tax system, not increase taxes. Addressing media on May 4, the Deputy Minister refuted reports—particularly circulating on social media—claiming that the الحكومة plans to raise VAT to 20.5 percent. He explained that the reform will merge the existing VAT and the Social Security Contr…
Clarification: 20.5% VAT on Banks, Says not a Tax Increase, its an Amendment - Business News LK
Deputy Minister of Economic Development Mr. Nishantha Jayaweera has moved to clear up confusion over the 20.5% Value Added Tax (VAT) rate set for banks and financial institutions, effective July 1. He said this is not a new tax increase. Instead, it combines two existing taxes into one. Two Taxes Now Become One Under the new system, the current 18% VAT and the 2.5% Social Security Contribution Levy (SSCL) will be merged into a single 20.5% VAT. …
The Ministry of Finance has published a new draft to amend the Value Added Tax (VAT) Act No. 14 of 2002.
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