The Sri Lanka Inland Revenue Department has issued a Notice to Taxpayers on the Value Added Tax (Amendment) Act No. 44 of 2022, which was approved in parliament on 9 December 2022, and certified on 14 December. Amendments made by the Act include a reduction in the VAT registration threshold from LKR 75 million per taxable period (quarter) or LKR 300 million per annum, to LKR 20 million per taxable period (quarter) or LKR 80 million per annum with effect from 1 October 2022.
Taxable persons…