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 clarifies how to get a tax residency certificate
October 28, 2026
Sri Lanka’s Inland Revenue Department issued a notice to taxpayers on 19 October 2026 explaining how to obtain a Tax
Read More
Sri Lanka: IRD issues reminders on September 2026 VAT, financial services VAT deadlines
October 16, 2026
Sri Lanka’s Inland Revenue Department (IRD) has issued two notices reminding taxpayers of the deadlines for paying
Read MoreSri Lanka abolishes land lease tax (LTT) for foreign buyers
October 15, 2026
Sri Lanka’s government has scrapped the land lease tax (LLT) that foreign buyers once paid on long leases. Foreigners
Read More
Sri Lanka: IRD reminds 2025/2026 corporate, individual taxpayers to file returns
October 15, 2026
Sri Lanka’s Inland Revenue Department (IRD) has reminded individual and corporate taxpayers that income tax returns
Read More
Sri Lanka reminds taxpayers to file September 2026 stamp duty return, make payments
October 09, 2026
Sri Lanka’s Inland Revenue Department, in a notice to taxpayers issued on 5 October 2026, has asked taxpayers to
Read MoreSri Lanka introduces mandatory TIN certificate for bank account, other transactions
September 30, 2026
Sri Lanka's Inland Revenue Department has announced that, with effect from 1 November 2026, every person specified
Read More