https://www.taxtmi.com/news?id=61002 The 2026 budget introduces a modern tax audit framework for returns filed from January 2026 using risk-based selection to improve transparency and curb discretion; it funds a consolidated Tax Department facility to support digitalisation and efficiency. To broaden the tax base, the VAT and Social Security Contribution Levy registration threshold is reduced from LKR 60 million to LKR 36 million, and Customs import duty rates will be revised under a National Tariff Policy with a phased elimination of para-tariffs while seeking to minimise revenue loss. en-us Fri, 07 Nov 2025 20:46:03 +0530 Fri, 07 Nov 2025 20:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=61002 The 2026 budget introduces a modern tax audit framework for returns filed from January 2026 using risk-based selection to improve transparency and curb discretion; it funds a consolidated Tax Department facility to support digitalisation and efficiency. To broaden the tax base, the VAT and Social Security Contribution Levy registration threshold is reduced from LKR 60 million to LKR 36 million, and Customs import duty rates will be revised under a National Tariff Policy with a phased elimination of para-tariffs while seeking to minimise revenue loss. News - Fri, 07 Nov 2025 20:46:03 +0530 https://www.taxtmi.com/news?id=61002