VAT to be Reduced From 15% to 12.5% by 2020

Minister of Finance Mangala Samaraweera says he hopes to implement the revision of VAT to free the people of the burden of indirect taxes. Hence, he hopes to reduce the 15% Value-Added Tax to 12.5% by the year 2020.

The Minister made this statement at an event at the Finance Ministry yesterday.

Speaking at the occasion, the Finance Minister said Sri Lanka is moving forward on the three pillars of democracy, reconciliation and development and a seven star country of democracy.  The  countries such as Thailand, Korea and Malaysia that were behind Sri Lanka 70 years ago are now ahead in economic development.