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Colombo Property

15% Value Added Tax (VAT) on Residential Condominium Developments in 2022

The construction industry of Sri Lanka; after going through many hurdles from 2020, starting with the COVID-19 pandemic, then the shortage of raw materials, to the sky-rocketing of construction raw material prices, are now faced with the imposition of VAT from October 1st 2022.  The Prime Minister’s Media Division, on May 31st 2022, announced tax reforms to combat the government revenue loss and to...

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