- Sri Lanka has formally increased the standard VAT rate
- The VAT registration threshold has been reduced
- The Value Added Tax (Amendment) Act, No. 16 of 2024 has been enacted
- The VAT rate has been increased to eighteen percent for taxable periods starting from January 1, 2024
- Businesses carrying out taxable activities in Sri Lanka must register under the Act if their total taxable supplies exceed certain thresholds
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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.
