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Sri Lanka: VAT Rates Revised for 2024

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Effective January 01, 2024, the Value Added Tax (VAT) rates have been revised according to Extraordinary Gazette Notification No. 2363/22 dated December 19, 2023:

 

Zero Percent VAT on Fabric Imports:

Fabrics specified in H.S. Code, as per Gazette Notification No. 2095/20, will now incur zero percent VAT upon import.

 

Standard Rate for Goods/Services:

Imports and/or supplies of goods and services (excluding fabrics) will be subject to an 18% VAT rate.

 

Advance Payments Notice:

Advance payments made before January 01, 2024, for goods or services due on or after this date, will be charged a 15% VAT rate.

 

Financial Services VAT Unchanged:

The VAT rate for financial services remains steady at eighteen percent (18%).

 

 

Source: gov.lk

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