Gazette issued with VAT amendments

Sri Lanka, May 4 -- The Ministry of Finance, Planning, and Economic Development has issued the gazette notification outlining proposed amendments to the Value Added Tax (VAT), which are set to take effect on July 1.

Beginning July 1, VAT will be applied to services provided via electronic platforms. The amendment introduces specific legal provisions for the registration and payment of taxes by digital service providers. The Ministry has moved to expand the tax base by lowering the threshold for mandatory VAT registration.

To be liable for registration, a person's total value of taxable supplies (goods or services) within Sri Lanka must exceed Rs. 9 million at the conclusion of a taxable period.Sri Lankan Publishing

Meanwhile, the VAT ...