Siyambalapitiya urges VAT compliance by businesses

Saturday, 20 January 2024 01:30 - - {{hitsCtrl.values.hits}}

Calls on registered businesses to prominently display VAT registration certificates for transparency
Warns of non-compliance with IRD regulation could result in legal consequences

State Minister of Finance Ranjith Siyambalapitiya this week urged businesses to comply with new Value Added Tax (VAT) regime. He called on registered businesses to prominently display their VAT registration certificates to ensure transparency.

Siyambalapitiya highlighted the legal obligation, as per the VAT Act No. 14 of 2002, for registered entities to exhibit their VAT certificates.

He cautioned that non-compliance with this regulation could result in legal consequences imposed by the Inland Revenue Department (IRD).

The State Minister also outlined plans to lower the turnover threshold from Rs. 80 million to Rs. 60 million through upcoming legislation.

He said the proposed change in threshold aims to align with evolving economic conditions and contribute to a more comprehensive taxation framework.