Jan 01, 2020 (LBO) – Sri Lanka’s Inland Revenue Department has published the complete list of persons & businesses whose taxable supply has never exceeded 75 million rupees for any taxable period ended prior to 31 December 2019.
Such inactivated persons are not permitted to collect VAT on the supplies made on or after today (January 01).
Further, such persons are required to surrender their VAT Registration Certificate to the Commissioner, Customer Information Update Unit of the Inland Revenue head office or any nearest regional office.
As approved by the Cabinet, value of taxable supplies for the purpose of registration for VAT has been increased from today, up to 75 million rupees per quarter or 300 million rupees per annum.
However, VAT collected prior to January 01, 2020, shall be paid on or before 20 January 2020 and the VAT return shall be submitted for the period as usual.
VAT is also not applicable on the sale of condominium Housing Unit with effect from 01 December 2019. Several other tax concessions introduced by the government will also be effective from today.