- VAT and Social Security Contribution Levy will be imposed on imported coconut oil and palm oil, replacing the Special Commodity Levy, effective April 2026.
- The VAT and Social Security Contribution Levy registration threshold will be reduced from LKR 60 million to LKR 36 million annual turnover from 1 April 2026.
- The capital allowance incentive threshold for SMEs will be reduced from USD 3 million to USD 250,000.
- CESS on imported fabric will be removed and VAT will be imposed instead, effective 1 April 2026.
- The Simplified VAT System (SVAT) will be abolished from 1 October 2025 and replaced with an approved refund process.
Source: regfollower.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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