The Gazette notification containing amendments to the Value Added Tax (VAT), which are scheduled to take effect from July 1, has been issued.
This was announced by the Ministry of Financial Planning and Economic Development.
Accordingly, VAT will be imposed on services provided through electronic platforms from July 1.
Measures have also been taken to reduce the threshold for registering individuals for the tax under Section 10 of the Principal Act, with these changes also set to be implemented from July 1.
Under the revised provisions, at the end of a taxable period, the total value of taxable supplies of goods, services, or both in Sri Lanka during that taxable period must exceed nine million rupees.
It has also been proposed to increase VAT on financial services from 18 percent to 20.5 percent.
In addition, provisions will be introduced for the registration and payment of taxes related to digital services.
