Regulatory updates - Sri Lanka
Get the latest news and updates on e-invoicing, e-ordering, e-archiving and indirect tax regulatory requirements.
June 10 2022
Sri Lanka increases standard VAT rate to 12% and announces further tax reforms
In its efforts to improve the revenue amid the ongoing countrywide economic crisis, the Government of Sri Lanka has increased the standard VAT rate to 12% from 8%. Apart from that, there are further tax reforms on the horizon.
Country Specifications
E-Invoicing/CTC Model:
Post-audit
Mandatory Infrastructure:
N/A
Mandatory Format:
N/A
Mandatory for Issuing:
No explicit requirements
Mandatory for Receiving:
Buyer’s consent is required
eSignature:
Not required
Archiving Period:
5 years, but highly recommended to archive for 10 years
Archiving Abroad:
Allowed
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