Sri Lanka Budget 2024 Includes VAT Rate Increase and Other Measures

• The VAT rate will be increased up to 18% from 1 January 2024 along with the elimination of almost all VAT exemptions other than for products relating to health, education, and a few essential foods;
• Amendments will be introduced enabling the Commissioner General to specify the format of the tax invoice;
• The expression “taxable period” in section 83 of the VAT Act, will be defined to have the same return filing frequency for all taxpayers;
• ….

Source Orbitax

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