International VAT Rate Round Up: May 2022
May 2022 VAT Changes in Indonesia
From 1 April 2022, the VAT rate has increased from 10% to 11%.
May 2022 VAT Changes in Lithuania
A bill is being reviewed that would see the VAT rate on food services be reduced from 21% to 9%.
This reduced VAT rate would affect:
- Restaurants; and
If this bill is approved, this will come into effect on 1 January 2023.
May 2022 VAT Changes in Sri Lanka
Sri Lanka reduced the VAT rate from 15% to 8% in 2019.
The country is currently in an economic crisis and the Finance Minister feels they have no choice but to increase the VAT rate.
The VAT rate could increase from 8% to 13% or 14%.
Sri Lanka is also set to receive up to $600 million from the World Bank.
International VAT Rate Round Up: April 2022
If you missed last month’s VAT rate announcements of VAT threshold changes, you can catch up now.
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