COLOMBO: Sri Lanka is seeking to raise 100 billion rupees (US$685.6mil) in revenue in 2016 by increasing the value added tax (VAT) and new taxes effective from Monday, Finance Minister Ravi Karunanayake (pic) said late on Sunday.
The VAT will rise to 15% from 11% and will be imposed on private sector health services as the government struggles to reduce a ballooning budget deficit amid a debt crisis.
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