Sri Lanka Embraces Cashless Economy
As part of its broader digitalization agenda, Sri Lanka is making significant strides towards a cashless economy, announced President Anura Kumara Dissanayake.
This initiative aims to formalize the economy and improve revenue collection.
A key component of this effort is the implementation of Point-of-Sale (POS) machines across businesses, particularly in VAT-registered enterprises.
The transition to a cashless economy is expected to facilitate digital transactions and reduce dependency on cash. This move will not only help curb tax evasion and illicit financial activities but also enhance fiscal efficiency, contributing to Sri Lanka's economic stability and growth.
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