- Sri Lanka has formally increased the standard VAT rate
- The VAT registration threshold has been reduced
- The Value Added Tax (Amendment) Act, No. 16 of 2024 has been enacted
- The VAT rate has been increased to eighteen percent for taxable periods starting from January 1, 2024
- Businesses carrying out taxable activities in Sri Lanka must register under the Act if their total taxable supplies exceed certain thresholds
Source: http:
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.
Latest Posts in "Sri Lanka"
- New Exemption for VAT-Liable Financial Services in 2025 Social Security Contribution Levy Amendment
- Sri Lanka Unveils Three-Phase Electronic Invoicing Reform to Modernise VAT and Boost Digital Economy
- Sri Lanka Sets Dec. 31 Deadline for November 2025 VAT Returns, Announces Penalties and Credit Rules
- Sri Lanka Introduces Risk-Based VAT Refund Scheme for Exporters and Strategic Suppliers Effective October 2024
- Sri Lanka Delays New VAT Invoice Format Implementation to April 2026
