Modern VAT Calculator
Want to calculate Srilanka’s VAT? With our free VAT Calculator Sri Lanka tool, you can easily add or remove from the product or service. It helps Individuals and businesses save time in manual calculation and simplify the calculation process.
VAT generates a good amount of revenue for the government of Sri Lanka and plays a vital role in the economic growth of Sri Lanka. Like any other country, VAT is applied to products or services at each production stage and ultimately paid by the consumer.
VAT Rates in Srilanka
Currently, the standard VAT rate in Sri Lanka is 15%; remember that the VAT rate changes with time, make sure to check the authentic website to get information about VAT rates.
Not all products or services are subjected to 15% VAT; some products or services are exempt from VAT. These products are medicines, wheat, airplanes, helicopters, petroleum, wheelchairs, etc.
Check Also: Tanzania VAT Calculator
Srilanka Value Added Tax History
VAT was first introduced in 2002 in Sri Lanka; at that time VAT rate was only 10%. Later, it was changed with time. Srilanka’s VAT rate history is mentioned below.
| VAT Rate | Year |
|---|---|
| 2002 | 10 |
| 2006 | 12 |
| 2010 | 20 |
| 2016 | 15 |
| 2019 | 8 |
| 2023 | 15 |