Tax & Accounting Blog

Uncertainty in VAT reforms and Sri Lanka

Uncertainty in VAT reforms and Sri Lanka

Very often countries adopt VAT reforms in order to deal with unforeseen economic circumstances and balance their budgets or to respond to political pressure from different groups. As governments try to react fast on changing circumstances, many times the details on the implementation of the reforms are not thought thoroughly, leading to uncertainty and posterior … Read More

Sri Lanka: Government Debt Burden Leads to Increase in VAT

Sri Lanka: Government Debt Burden Leads to Increase in VAT

Last Tuesday 8th of March the President of Sri Lanka announced in a speech before the National Parliament that the VAT rate applicable within the country will be increased to 15% in order to reduce the government deficit, which has been hit by increased levels of borrowing, falling oil prices and international economic turmoil. … Read More