The Department of Inland Revenue states that the reduction of VAT will be in force effective today.
In a media release, the Commissioner General of the department states that VAT registration of persons of whose taxable supply has never exceeded 75 million rupees for any taxable period ended prior to December 31st, 2019, will be inactivated with effect from January 1st. 2020.
Earlier, the Government decided to reduce the ceiling of VAT up to 75 million rupees per quarter or 300 million rupees per year.
Accordingly, the details of the persons’ whose VAT registration is inactivated would be uploaded to www.ird.gov.lk and the department states that the VAT payments which are due before today should be made before January 20th.