The State Minister said the recent increase in VAT will not affect the concessions granted through the budget.
The VAT percentage was 12 percent in 2014 and it went down to 11 percent from January 1, 2015. This percentage will be increased up to 15 percent from May 2, this year, Abeyawardena said.
The Supply Value for Registration for VAT was Rs. 12 million in 2014 and Rs. 15 million in 2015. This will be Rs. 12 million from May 2, this year. The supply value for imposing VAT for wholesale and retail trade was Rs. 500 million in 2013 and Rs. 250 million in 2014. This value was Rs. 100 million in 2015 and it will be Rs. 12 million for one year, he said.(CDN)
