Business

Deadline Approaches for Phasing Out Temporary VAT Registration in Sri Lanka

  • September 4, 2024

Sri Lanka is set to amend its Value Added Tax (VAT) Act to phase out temporary VAT registrations by the end of 2024, targeting importers and distinguishing between personal and commercial imports to prevent tax revenue loss, according to a recent Parliamentary report. The Third Report by the Committee on Ways and Means revealed that

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Business

China Supports Sri Lanka Customs Enhancement

  • July 4, 2024

Sri Lanka Customs (SLC) aims to surpass last year’s revenue of Rs. 970 billion in 2024, targeting Rs. 1.5 trillion due to increased Value Added Tax (VAT) and lifted import restrictions in October 2023. China has pledged financial support and the adoption of new technology to improve SLC operations. Addressing a gathering at the Sri

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