Sri Lanka imposes new tax

Laborers carry a load of imported cooking oil to a store in Colombo, Sri Lanka, Tuesday, Dec. 12, 2023. Sri Lankan lawmakers approved an increase in value added tax from 3 per cent ahead of the approval of a second tranche of International Monetary Fund's bail out. (AP Photo/Eranga Jayawardena)

COLOMBO: Sri Lanka slaps a new 18% value added tax (VAT) on fuel, mobile phones and computers to raise desperately needed revenue ahead of a foreign debt restructuring.

An earlier VAT of 15% on other consumer goods was also increased to 18% as the government sought to shore up its finances while Sri Lanka emerges from its worst economic crisis.