Government Keeps VAT and SSCL Threshold at Rs. 60 Million

• The government will not lower the VAT and SSCL annual turnover threshold from Rs. 60 million to Rs. 36 million as planned from July 1.
• The current Rs. 60 million threshold will remain in place.
• Small and medium-sized businesses below the threshold may still voluntarily register for VAT.
• The decision was made after discussion in the Committee on Public Finance and due to concerns that tax administration systems are not yet ready.
• The Cabinet approved deferring the measure, and required legal/procedural approvals have been obtained.

Source: adaderana.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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