Condominium units will be subject to VAT with effect from 1st April 2018. However, VAT will not be payable in respect of condominium units where sale agreements have been entered into prior to 1st April 2018.
Condominium developments in which all condominium units are priced at less than LKR 15mn will not be subject to VAT even after 1st April 2018.
Disclaimer: This information is provided for general information purposes only and does not constitute legal advice. Readers should not rely on it as a substitute for specific legal advice in relation to any particular matter.
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