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The VAT Myth Many Retailers Still Believe
With the proposed reduction of the VAT registration threshold to Rs. 36 million per annum effective from 01 July 2026, many Sri Lankan retailers are reassessing...
Why Many Manufacturers Should Reconsider Avoiding VAT Registration from 01 July 2026
The reduction of the VAT registration threshold from Rs. 60 million per annum to Rs. 36 million per annum with effect from 01 July 2026 is expected to bring thousands...
Comprehensive Analysis of the Inland Revenue (Amendment) Act, No. 11 of 2026
The Inland Revenue (Amendment) Act, No. 11 of 2026, certified on June 3, 2026, introduces wide-ranging amendments to the principal enactment (Act No. 24 of 2017)....
How Malaysia Implemented e-Invoicing and What Sri Lanka Can Learn
Many Sri Lankan businesses are currently discussing the proposed National e-Invoicing System and how it will impact their operations. To understand what may lie...
Navigating the Evolution of Sri Lanka’s Telecommunication Levy
From 2011 to the Proposed 2026 Amendments Legislative Status: Bill Stage Important Notice: The 2026 changes discussed below are currently in the Bill stage. These...
Evolution of Vehicle Import Duty in Sri Lanka and Its Impact on Prices
The Customs Import Duty (CID) applicable on motor vehicles in Sri Lanka has undergone several changes through a series of Gazette Notifications issued under the...
Proposed Changes to Individual Residency Rules: 2026 Amendment Bill
The residency rules for individuals in Sri Lanka are set to undergo significant changes under the Inland Revenue (Amendment) Bill of 2026. While the 183-day rule...
Understanding Individual Residency for Tax Purposes in Sri Lanka
Determining the residency status of an individual is a critical first step in establishing their tax liability in Sri Lanka. Under the Inland Revenue Act No. 24...
Why 15th May 2026 is So Important for Taxpayers
15th May 2026 is the final due date for the 4th quarterly self-assessment (SA) tax instalment payment for the Year of Assessment 2025/2026 under the Inland Revenue...
IRD Introduces National e-Invoicing System for VAT Registered Persons
Key Points Businesses Should Know Now The Inland Revenue Department (IRD) has issued Notice No. SEC/PN/VAT/2026-03 dated 04.05.2026 regarding the implementation...
Major VAT Changes Coming in 2026 – Are Your Business Systems Ready?
The Government of Sri Lanka has issued the Value Added Tax (Amendment) Bill on 29 April 2026, proposing significant changes to the VAT system. Important:This is...
SSCL on Motor Vehicles from 01.05.2026
Many taxpayers are confused about how the Social Security Contribution Levy (SSCL) applies to motor vehicles after the latest amendment w.ef 01.05.2026 . To understand...
SSCL Threshold Changes in Sri Lanka (2022–2026) – A Clear Timeline for Businesses
The Social Security Contribution Levy Act, No. 25 of 2022 introduced a registration-based levy system targeting businesses based on turnover. Over time, the threshold...
Taxation of Unit Trusts under Inland Revenue Bill 2026
What Investors and Fund Managers Must Know Unit trusts have become an increasingly popular investment vehicle in Sri Lanka, allowing individuals to pool funds and...
Proposed Amendments in Inland Revenue Bill 2026
The explanations provided below are based on the proposed changes contained in the Inland Revenue (Amendment) Bill, 2026. These changes reflect the amendments currently...
Tax Privilege Systems in Sri Lanka and Other Countries: How They Work and What Sri Lanka Can Improve
Many countries today use tax privilege and recognition systems to encourage taxpayers to comply voluntarily. Instead of depending only on penalties and audits, tax...
Colombo Port City Economic Commission (Amendment) Act, No. 1 of 2026 – Key Changes & Impact Summary
1. Employment Income Tax Exemptions Original Act (2021) The Act empowered the Commission to grant incentives to Businesses of Strategic Importance (BSIs), including:...
Social Security Contribution Levy (SSCL) – Key Changes Explained
The Social Security Contribution Levy (Amendment) Act, No. 24 of 2025 amends the Social Security Contribution Levy Act, No. 25 of 2022. This amendment mainly focuses...
From Crisis to Confidence: Key Insights from the 27th Annual Tax Oration of CA Sri Lanka
The CA Sri Lanka Annual Tax Oration is a significant professional event organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) through its...
Tax Expenditure Statement 2024/2025
The Ministry of Finance has released the Tax Expenditure Statement (TES) 2024/2025, reaffirming the Government’s commitment to fiscal transparency, accountability,...
