Short Title: The Act may be cited as the Value Added Tax (Amendment) Act, No. 16 of 2024.

Amendments to Section 2:

1. Sub-paragraph (v) of subsection (1) in the principal enactment is amended to:
   • Clarify the tax fraction for the twelve percent rate.
   • Modify the fifteen percent rate for taxable periods ending on December 31, 2023.
   • Introduce a new eighteen percent rate for taxable periods commencing on or after January 1, 2024, with a tax fraction of 9/59.

Amendments to Section 10:

1. Subsection (1) is amended to:
   • Specify that taxable activities on or after January 1, 2024, need registration if:
     • The total value of taxable supplies exceeds fifteen million rupees in any taxable period.
     • The total value exceeds sixty million rupees in the preceding twelve months.
     • It is likely that the total value will exceed these amounts in the succeeding periods.
   • Registration requirements are effective from the date the amendment comes into operation.

Prevailing Language:

• In case of inconsistency between the Sinhala and Tamil texts, the Sinhala text prevails.

Download the Amendment Act: http://documents.gov.lk/files/act/2024/3/16-2024_E.pdf