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Finance+Minister+says+VAT+will+be+reduced
Thursday, 24 May 2018 - 17:20
Finance Minister says VAT will be reduced
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Finance Minister Mangala Samaraweera says the Value Added Tax will be reduced by 2.5% in 2020.
 
At present, the VAT stands at 15%.
 
The Minister said this addressing an event at the Finance Ministry today (May 24) where letters of appointment were presented to 68 newly selected Assistant Superintendents of Customs.
 
Speaking here, Samaraweera revealed that after the new Inland Revenue Act was introduced in April this year, 46,000 new tax files have been opened.
 
He said most of those files had been opened voluntarily.
 
The Minister further said that after Independence in 1948, the highest amount of debt servicing has to be paid in 2018.
 
The total foreign debt to be paid this year is US$ 2,845 million and of which US$ 1,789 million has to be paid for government borrowings done before the year 2015.
 
He added only an installment of US$ 1,056 to be paid for the foreign loans borrowed after 2015.     
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