The new 15% Value Added Tax (VAT), put forward by Prime Minister Ranil Wickremesinghe in parliament, will take effect from May 2, according to the finance ministry.
The increase will see the VAT rate rise from being between 8% and 12.5% to 15% and will affect the supply of telecommunication services, , import or supply of telecom equipment or machinery, high tech equipment including copper cables for telecom industry and the supply of healthcare services.
The ministry also noted that the Share Transaction Levy will be re-imposed with effect from April 1, at the rate of 0.3% from every buyer and seller on the turnover of every share trading transaction at the stock exchange.
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