Sri Lanka, June 22 -- Nuwara Eliya District Senior Deputy Commissioner of Inland Revenue E.D. Karunaratne said that all service providers and businesses with a daily income exceeding Rs. 100,000 must register for Value Added Tax (VAT) and the Social Security Contribution Levy (SSCL) from July 1st.

Speaking at a special awareness workshop held for business owners and service providers in the Nuwara Eliya District, he said that the taxable turnover threshold, which was previously Rs. 60 million per year, has been reduced to Rs. 36 million per year.

Accordingly, businesses engaged in services, manufacturing, wholesale trade and retail trade with an annual turnover exceeding Rs. 36 million, or approximately Rs. 100,000 per day, are required...