Sri Lanka Gazettes VAT (Amendment) Act

The Sri Lankan Official Gazette March 22 published the VAT (Amendment) Act, No. 16, modifying VAT rates and registration thresholds. The law includes measures: 1) increasing the standard VAT rate to 18 percent rate from 15 percent from Jan. 1, 2024, except with regard to financial services; and 2) reducing the registration thresholds of total values of taxable supplies of goods or services, except financial services, to exceeding 60 million Sri Lankan rupees (US$200,896) in a 12-month period from exceeding 80 million rupees (US$267,862), and to exceeding 15 million rupees (US$50,223) in a taxable period from exceeding 20 million rupees ...