Sri Lanka allows voluntary registration for VAT
ECONOMYNEXT – Sri Lanka is allowing voluntary re-registration for companies who were dropped from the value added tax net, the Department of Inland Revenue has said.
VAT is useful for exporters who to claim input credit and be competitive.
“Any person who wishes to continue the VAT Registration (whose Registration is inactivated) should make a request to the Commissioner, Customer Information Update Unit of the Inland Revenue head office or any nearest Regional Office to activate the registration,” the IRD said in a public notice.
“Any person who wishes to obtain a new VAT Registration can make a request in the form specified along with the required documents to the Commissioner Tax Registration Unit or any nearest Regional Office.”
The IRD said the Ministry of Finance has asked the agency to allow re-registration.
The relevant legislation either to de-activate VAT or re-register had not been passed in parliament yet. (Colombo/Jan09/2020)