Sri Lanka, June 24 -- Economic Development Deputy Minister Nishantha Jayaweera yesterday told Parliament that the Budget proposal to reduce the annual turnover threshold for Value Added Tax (VAT) and the Social Security Contribution Levy (SSCL) from Rs.60 million to Rs.36 million effective from July 1 will not be implemented.

Accordingly, the current annual turnover limit of Rs.60 million for VAT and SSCL will continue to be in effect. The Deputy Minister further stated that although the threshold for VAT has not been reduced, it is important for small and medium-sized enterprises in the country to register for VAT.

He said that Small and Medium sized Enterprises can voluntarily register for VAT even if they are below the threshold.

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