- Value Added Tax (Amendment) Act, No. 16 of 2024 has been certified on 20.03.2024
- Standard VAT rate has been revised to 18% from 15% starting January 01, 2024
- VAT rate for financial services remains unchanged at 18%
- Registration for VAT is required for those with taxable supply exceeding Rs.15 million per month/quarter or Rs.60 million per annum starting January 01, 2024
- Those not already registered must register by March 20, 2024
Source: ird.gov.lk
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.
