Sri Lanka increases value added tax to 18 percent to meet IMF targets
epa11052151 A notice on the value added tax (VAT) increase is seen on a mobile phone in Colombo, Sri Lanka, 01 January 2024. The Sri Lankan cabinet has given the green light to increase the value added tax (VAT) from the existing 15 percent to 18 percent starting from 01 January 2024. This hike aims to fulfill the revenue goals set by the International Monetary Fund (IMF), amid the country's worst economic crisis in over seven decades as a result of a lack of foreign reserves. EPA/CHAMILA KARUNARATHNE
