Planning to revise VAT percentage to further support economic growth: President

7 February 2024 11:19 am Views - 7322

By  Ajith Siriwardana and Yohan Perera 

Colombo, Feb 7 (Daily Mirror) - The government was planning to reduce the tax burden as economic reforms continue to stabilize the economy, President Ranil Wickremesinghe said in his Policy Statement in Parliament today.

“We are also revising the VAT percentage to further support economic growth,” he added.

Delivering the government's Policy Statement in Parliament, he said the tax registration has substantially increased, with the number of registrations growing from 437,547 in 2022 to 1,000,029 by the end of 2023, representing a 130% increase.