- Sri Lanka published an order on VAT for nonresident service supplies through electronic platforms.
- VAT is imposed at an 18 percent rate starting October 1.
- Examples of taxable digital services are listed.
- Nonresident suppliers must obtain a TIN and register for VAT if service value exceeds 60 million rupees in 12 months or 15 million rupees in 3 months.
- Nonresident suppliers must issue VAT invoices.
- A five-year recordkeeping obligation is set, with electronic VAT return filing required.
- Penalties for noncompliance and registration cancellation procedures are specified.
- The order is effective from October 1.
Source: news.bloombergtax.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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