- Government Initiative: In response to the President’s call for tax system modernization to achieve 2030 digital economy goals, Sri Lanka is implementing an electronic invoicing system aimed at enhancing transparency and reducing tax evasion. The Department of Inland Revenue has assessed how to integrate e-invoicing with the existing Revenue Administration Management Information System (RAMIS).
- Implementation Strategy: The authorities have decided to begin with a secure Web Application Programming Interface (Web API) that will facilitate connectivity between taxpayers’ ERP systems and RAMIS. The implementation will occur in phases, starting with a pilot involving selected taxpayers who have upgraded their ERP systems, with full implementation of this phase expected by the end of the year.
- Future Phases: Following the pilot, the e-invoicing system will expand to include selected export-oriented businesses, then extend to all VAT-registered businesses. The final phase will introduce mandatory e-invoicing for B2C transactions via point-of-sale machines, enhancing real-time transaction recording and VAT compliance, thereby aligning Sri Lanka with global tax modernization trends.
Source Pagero
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
- Join the LinkedIn Group on ”VAT in the Digital Age” (VIDA), click HERE
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