2 sourcesUpdated
Government Abandons VAT, SSCL Threshold Cut Plan
The government has decided not to implement the proposed reduction of Value Added Tax and Social Security Contribution Levy threshold from Rs.60 million to Rs.36 million, effective July 1st. Deputy Minister Nishantha Jayaweera announced this during a parliamentary session on June 23rd.
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Summary
The proposal to reduce the annual turnover threshold for Value Added Tax and Social Security Contribution Levy from Rs. 36 million, which was proposed in this budget to be implemented from the upcoming 1st of July, will not be implemented. Deputy Minister of Economic Development Nishantha Jayaweera stated this while addressing the parliamentary session held today (23).
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