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The Bill to amend the Value Added Tax Act No. 14 of 2002 was passed by the Committee on Public Finance. The approval was given at a meeting of the Committee on Public Finance. This Bill has been drafted to implement the tax policy proposals mentioned in Cabinet Paper No. MF / FP / 32 / CM / 2021/212 dated December 14, 2021. Accordingly, the Value Added Tax (VAT) on the provision of financial services will be increased from 15 percent to 18 percent with effect from January 1, 2022.
