- The Value Added Tax (Amendment) Act No.16 of 2024 was certified by the Speaker on 20 March 2024
- The standard VAT rate is increased to 18% from 15% starting from 1 January 2024
- The VAT rate on financial services will remain at 18%
- The VAT registration threshold is reduced to LKR 60 Mn from LKR 80 Mn for a period of 12 months, and LKR 15 Mn from LKR 20 Mn per tax period, effective 1 January 2024
- Individuals liable for VAT under the new rules must register within 15 days from the date of certification by the Speaker
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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