KPMG Sri Lanka’s analysis of the 2026 Budget highlights several significant indirect tax proposals aimed at broadening the tax base and aligning local tax systems with international standards. The proposals include reducing the Value Added Tax (VAT) and Social Security Contribution Levy (SSCL) registration thresholds from Rs. 60 million to Rs. 36 million per annum, effective April 1, 2026. The quarterly threshold will drop from Rs. 15 million to Rs. 9 million. According to KPMG, this move is designed to bring more medium-sized businesses into the formal tax net. The Budget also proposes imposing VAT and SSCL on imported coconut…
KPMG highlights 4 key Indirect Tax proposals of Budget 2026
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