- Sri Lanka issued Notice No. PN/VAT/2025-01 on April 11 regarding VAT amendments
- VAT will be imposed on digital services from nonresidents to Sri Lanka starting October 1
- Simplified VAT regime replaced with a risk-based refund mechanism effective October 1
- VAT registration required for all commercial importers and exporters
- Zero rate for specific reinsurance commissions and employee meals and transportation from January 1, 2024
- Electronic filing of VAT returns required from July 1, with manual filing allowed with approval
- Certain exemptions for aircraft parts removed and exemption for specific milk and yogurt introduced effective April 11
Source: news.bloombergtax.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.
