Jawaamil Group

27/07/2026

Massive VAT Overhaul: Is Your Business Ready for 2026?

The Sri Lankan tax landscape is undergoing its most significant transformation in decades. With the passing of the VAT (Amendment) Act No. 14 of 2026, the rules for digital services, documentation, and compliance have been completely rewritten.

In this video, we break down the sweeping 2026 overhauls that every business owner, accountant, and foreign service provider needs to know to stay ahead of the curve.

The Inland Revenue Department is also enhancing transparency by publicly disclosing the names, addresses, and TINs of all registered persons.

Don't wait until the deadlines pass. Watch our full breakdown to understand how these changes impact your operations and how to avoid the "Million-Rupee Trap."

24/07/2026

The LKR 1,000,000 VAT Warning: Is Your Business at Risk?

For years, the maximum fine for tax offences in Sri Lanka was a relatively modest LKR 25,000. That has officially changed. Under the latest VAT Act amendments, the stakes for compliance have never been higher.

In this video, we break down "The Million-Rupee VAT Trap"—a critical shift in enforcement that every business owner and finance professional needs to navigate.

What you need to know:

1. The 40x Penalty Hike: For offences committed on or after October 1, 2025, the maximum fine has skyrocketed from LKR 25,000 to LKR 1,000,000.

2. What Triggers the Fine? Beyond traditional tax fraud and willful evasion, the law now specifically targets fraudulent refund claims and the failure to furnish valid tax invoices.

3. The Documentation Trap: Starting July 1, 2026, failing to provide a tax invoice in the strictly mandated format (including the specific YYMMM_QQQQ_###XX serial number) is considered a punishable offence.

4. Public Exposure: To aid enforcement, the Commissioner-General is now mandated to publicly disclose the names, addresses, and TINs of all VAT-registered persons.

17/07/2026

Attention Finance Professionals and Business Owners: The days of flexible invoice formats are over. Under Extraordinary Gazette Notification No. 2481/22, the Inland Revenue Department has mandated a strict new Tax Invoice format effective from July 1, 2026.

Issuing an incorrect invoice isn't just a clerical error anymore—it's a legal risk. With penalties for compliance offences now reaching up to LKR 1,000,000, ensuring your systems are updated is critical.

In this video, we break down the mandatory specifications, including:
The new YYMMM_QQQQ_###XX serial number structure.
Strict MM/DD/YYYY date formatting.
Mandatory 9-digit TIN displays for both parties.
Calculation requirements in LKR with exactly two decimal places.

Don’t let a formatting error invalidate your input tax claims or trigger a massive fine. Watch the full breakdown below.

15/07/2026

Sri Lanka's Digital Tax Framework Has Changed

Effective 1 July 2026, Sri Lanka has expanded its Value Added Tax (VAT) regime to include electronic services supplied by non-resident persons to customers in Sri Lanka under the VAT (Amendment) Act No. 14 of 2026.

In this video, we discuss:

* The scope of the new VAT provisions for non-resident digital service providers
* The compulsory VAT registration thresholds (Rs. 15 million for a three-month period or Rs. 60 million for any consecutive twelve-month period)
* The mandatory electronic registration process
* Services that remain exempt, including education and healthcare
* The new tax invoice requirements
* The enhanced penalties for non-compliance, with fines of up to LKR 1,000,000

As Sri Lanka continues to strengthen its digital tax framework, understanding these changes is essential for multinational businesses, tax professionals, finance teams, and organizations providing digital services to the Sri Lankan market.

Watch the full video for a clear overview of the new requirements and their practical implications.

01/07/2026

Important Update: Revision of Capital Gain Tax Rates!
Planning to sell your property or investment assets soon? Make sure you are aware of the latest tax updates!

As per the Inland Revenue (Amendment) Act, No. 11 of 2026, new Capital Gain Tax rates have officially come into effect starting from June 3rd, 2026.

Here is a quick breakdown of the revised rates:

Individuals: 15%

Partnerships: 15%

Trusts: 30%

Unit Trusts or Mutual Funds: 30%

Non-Governmental Organizations: 30%

Staying informed is the first step to financial success. For personalized guidance and professional support regarding these new regulations, feel free to reach out to the Jawaamil Group team!

📧 Email: [email protected]
📞 Phone: 0112596000

21/06/2026

📢 TIN is mandatory for many purposes in Sri Lanka, including banking, tax-related services, and various official transactions.

Need to obtain your Tax Identification Number (TIN)? Contact us today for quick and reliable assistance!

17/05/2026

Tribute to our team who had their farewell on April 2026

10/05/2026

Confused about Tin Regstration for staff or Employees?

17/04/2026

Key Changes in SSCL as per Amendment Act No. 10 of 2026.

For more tax updates, please join our WhatsApp group: https://chat.whatsapp.com/EhGJXX5xft4G9slx4zXOsh

14/04/2026