- VAT and SSCL registration thresholds will be reduced, bringing more medium-sized businesses into the tax net.
- VAT and SSCL will be imposed on imported coconut and palm oil, replacing the Special Commodity Levy.
- VAT will be applied to imported fabric, and the Rs. 100-per-kilogram CESS will be abolished, creating tax parity with local textiles.
- SSCL will apply to the sale, importation, and manufacture of motor vehicles, but clarity is needed on its interaction with existing excise duties.
Source: newswire.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.
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