- Sri Lanka Inland Revenue Department issued a notice on VAT Amendment Act No. 04 of 2025
- Act was enacted on 11 April 2025
- VAT will apply to services supplied by non-resident persons through electronic platforms from 1 October 2025
- Simplified VAT Scheme will be abolished and replaced by a Risk-Based Refund Scheme from 1 October 2025
- Eligible exporters can receive refunds within 45 days if conditions are met
- Zero-rated supplies must receive payment in foreign currency through a licensed bank in Sri Lanka within six months
- Mandatory VAT registration for all commercial importers and exporters
- Certain supplies will be treated as zero for VAT purposes from 1 January 2024
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.
