Sri Lanka 🇱🇰 decided Keeps VAT and SSCL Threshold at Rs. 60 Million

Sri Lanka 🇱🇰 decided Keeps VAT and SSCL Threshold at Rs. 60 Million

⭕ The government has retained the annual turnover threshold for mandatory VAT and SSCL registration at Rs. 60 million.

⭕ A proposed reduction to Rs. 36 million, scheduled to take effect from July 1, has been postponed.

⭕ The withdrawn proposal would have brought businesses earning more than Rs. 36 million annually into the VAT and SSCL tax net.

⭕ Businesses will now require mandatory registration only when annual turnover exceeds the existing Rs. 60 million threshold.

⭕ The decision prevents more small and medium-scale enterprises from becoming liable for VAT and SSCL registration at this stage.

⭕ Businesses below the Rs. 60 million threshold may still register for VAT voluntarily, according to the government.

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