Speaking on recent tax reforms, the Deputy Minister said Parliament approved several tax amendments yesterday, including the introduction of VAT requirements for digital platform-based service providers. He noted that these measures will come into effect following the passage of the Tax Amendment Bill.
Dr. Fernando stated that the amendments are aimed at strengthening tax administration and expanding the tax base in line with evolving business models and economic activities.
The Deputy Minister further revealed that the amendments include a reduction in the annual turnover threshold for registration under the Social Security Contribution Levy (SSCL). The threshold has been lowered from Rs. 60 million to Rs. 36 million, bringing a larger number of businesses within the levy’s scope.
The government expects the revised tax measures to enhance revenue collection while ensuring greater compliance across both traditional and digital sectors of the economy.
