Regulatory updates - Sri Lanka

Get the latest news and updates on e-invoicing, e-ordering, e-archiving and indirect tax regulatory requirements.

Get the latest news and updates on e-invoicing, e-ordering, e-archiving and indirect tax regulatory requirements for Sri Lanka.
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

Regulatory overview

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