On 28 December 2023, Sri Lanka’s Inland Revenue Department (IRD) issued the Notice to VAT Registered Persons announcing the new VAT rate of 18% from 15%—effective 1 January 2024. The notice also states that any advance payment made before 1 January 2024 for goods or services to be received on or after 1 January 2024 will be subject to the previous 15% VAT rate. However, the VAT rate for financial services will remain at 18% as usual.
Related Posts
Sri Lanka: IRD reminds businesses, Individuals of 2025/26 tax deadline
September 24, 2026
Sri Lanka's Inland Revenue Department (IRD) has reminded taxpayers that the last date for final payment of income tax
Read More
Sri Lanka: IRD reminds taxpayers of August VAT on financial services payment
September 22, 2026
Sri Lanka’s Inland Revenue Department (IRD) issued a payment reminder for VAT on Financial Services (VAT on FS) for
Read More
Sri Lanka: IRD outlines VAT payment, filing requirements
September 22, 2026
Sri Lanka’s Inland Revenue Department (IRD) has issued a VAT Compliance notice setting out the payment and filing
Read More
Sri Lanka IRD reminds taxpayers of August 2026 AIT, WHT, APIT payment deadlines
September 14, 2026
Sri Lanka’s Inland Revenue Department (IRD) has reminded taxpayers to make tax payments withheld during August 2026
Read MoreSri Lanka: IRD sets deadline for VAT payment, returns for July 2026
August 17, 2026
Sri Lanka’s Inland Revenue Department (IRD) has reminded taxpayers that Value Added Tax (VAT) for July 2026 must be
Read More
Sri Lanka: IRD reminds taxpayers of first 2026/27 income tax instalment deadline
August 10, 2026
Sri Lanka’s Inland Revenue Department (IRD) has reminded taxpayers that the first instalment of income tax for the
Read More