Sri Lanka Advances National VAT E-Invoicing Rollout with Real-Time ERP Integration Sri Lanka’s Inland Revenue Department (IRD) has confirmed further progress on its upcoming national VAT e-invoicing regime, with the rollout of real-time invoice data integration between taxpayers’ ERP systems and the government’s Revenue Administration
Sri Lanka sets course for phased electronic invoicing reform Sri Lanka has formally signalled its move toward electronic invoicing, outlining a multi-stage reform that will modernise VAT administration while building incrementally on the country’s existing tax infrastructure. The initiative, confirmed in the 2026 Budget, reflects
Inland Revenue investigating direct VAT payments to combat fraud Sri Lanka’s tax authority, the Inland Revenue Department, has confirmed to the Committee on Pubic Accounts that it is considering enforcing split VAT payments. This would require consumer payments for taxable transactions to pay the VAT
Further 3% rise in standard rate following 2022 increase to 15% Sri Lanka’s cabinet has approved a 3% VAT rise from 15% to 18%. This will come into effect from 1 January 2024. This increase is to help ensure government reaches revenue targets and secures
Debt and inflation woes push reversal of 2019 VAT cuts The Sri Lankan government on 31 May announced with immediate effect a rise in the standard VAT rate from 8% to 12%. A range of other tax measures, including a rise in corporate income tax
2019 cut to 8% may have to be reversed as country faces worst economic crisis The drop in revenues during the COVID-19 crisis may force the government to reverse the reduction in VAT in 2019 from 15% to 8% the finance minister has said. This
New tax hikes and levies on range of supplies confirmed by Parliament – 1 January 2022 implementation Update: Sri Lanka VAT raised to 12% from 1 June 2022 The drop in revenues during the COVID-19 crisis has forced the government to propose a range of
