Sri Lanka super markets to maintain VAT and NBT but Small Businesses exempted

Oct 25, 2014 (LBO) – Sri Lanka president suggested the super markets to maintain value added tax (VAT) and national building (NBT) tax as at 100 million rupees per quarter. He also suggested to exempt all the small and medium businesses who earns 15 million rupees or below per year from VAT and NBT.

The number of supermarkets is increasing rapidly in Sri Lanka with Cargills Food City having over 150 outlets, Keells Super ( 45 to 50 outlets), Arpico Supercentre’s (over 8 outlets), Laugfs Supermarkets ( 25 to 30 outlets) and Lak Sathosa (over 225 outlets).