Sri Lanka Gazettes VAT (Amendment) Bill

The Sri Lankan Official Gazette April 29 published VAT (Amendment) Bill No. 31, to modify various VAT provisions. The bill includes measures to: 1) extend to July 1, 2026, from Oct. 1, 2025, VAT on nonresident supplies of digital services to residents through electronic platforms; 2) reduce the mandatory VAT registration thresholds to 36 million Sri Lankan rupees (US$110,924) per year, and to 9 million rupees (US$27,731) per quarter, effective July 1; 3) disallow input VAT credits on specified plants, machinery, equipment, or vehicles imported for projects, subject to conditions; 4) require recordkeeping for deemed input VAT credits on unsold ...