SriLanka, May 4 -- As part of a strategic effort to modernize the national tax infrastructure, the Government of Sri Lanka has tabled an amendment to the Value Added Tax (VAT) Act, No. 14 of 2002.
The proposed Clause 12 introduces Section 64B, which centers on the integration of "secured point of sale machines" into the daily operations of VAT registered businesses. This move is designed to enhance the accuracy of turnover accounting and streamline the collection of VAT across the country.
Under the new section, registered persons are required to utilize approved electronic systems for all transactions and invoicing.
Businesses will have a three-month window to transition to these systems once the official date is prescribed by the gover...