Happy New Year - 2020

Happy New Year - 2020

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Proposed amendments to Income Tax

Ernst & Young has published Tax Alert on proposed changes to Income Tax. Download EY Tax Alert

Press release on Income Tax changes

Ministry of Finance has published on their website a press release on the latest Income Tax changes. Download Press Release – Amendments to the IRA No. 24 of 2017  

List of VAT Inactivated persons as at 20 January 2020

Department of Inland Revenue has published a list of VAT Registration inactivated persons as at 20.01.2020. Download List: PDF | Excel

IRD Notice on removal of Debt Repayment Levy (DRL)

DRL has been abolished with effect from January 01, 2020, pending parliamentary approval for amendment to the Finance Act, No. 35 of 2018. Accordingly, financial institutions are not subject to DRL with effect from January 01, 2020. However, DRL payment

How to fill Nation Building Tax Return for Quarter ending 31 December 2019

The return of Nation Building Tax (NBT) for Quarter ended with December 31, 2019, is required to furnish on or before January 20, 2020. Accordingly, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce

ESC (Amendment) Bill on removal of ESC

This bill amends section 2 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to remove the Economic Service Charge from January 1, 2020. Download: English | Sinhala

NBT (Amendment) Bill on removal of NBT

This bill amends section 3 of the Nation Building Tax Act, No. 9 of 2009 and the legal effect of the section as amended is to limit the period of application of the Nation Building Tax under the said Act

Incorporation of foreign owned companies in Sri Lanka

Incorporation of foreign-owned companies in Sri Lanka with Registrar of Companies is temporally held until further notice (Except BOI approved companies). For more details Contact Incorporation Division 0112689208/09 – Ext 245, Direct 0112689616

Updated Schedule Verification Tool

Download and run the Schedule File Verifier Tool to verify your schedules (VAT/SVAT/PAYE/WHT/CIT/IIT/PIT) before submitting to IRD via E-filing. Download Link (Version – 5.3) – 14 January 2020 Guide for “How to use the schedule verification tool”

List of VAT Inactivated Persons as at 14.01.2020

Department of Inland Revenue has published a List of VAT Registration Deactivated Persons (w.e.f. 14.01.2020). Download List: PDF | Excel

How to activate VAT Registration

Further to the IRD Notice on “Voluntary Registration for VAT”,  Any person who wishes to continue the VAT Registration (whose Registration is inactivated) should make submission along with following documents. Application for activation of VAT Registration Request letter which should

Voluntary Registration for VAT

Notice to Value Added Tax (VAT) Registration Inactivated Persons and General Public This is further to IRD notice published on December 27, 2019 under the caption “Inactivation of VAT Registration” As announced in the notice, VAT Registration of person of

Inactivation of SVAT Registration

VAT Registration of persons of whose taxable supply has never exceeded Rs.75 million for any taxable period ended prior to December 31, 2019, IRD has been inactivated VAT Registration with effect from January 01, 2020. In line with that SVAT

No Withholding Tax (WHT) on certain Services

As approved by the Cabinet of Ministers and instructed by the Ministry of Finance on December 31, 2019, pending formal amendment to the Inland Revenue Act No. 24 of 2017, WHT on service fee payable to any Resident Individual {whose

Guideline for Deduction of PAYE Tax for the Period from 01.01.2020 to 31.03.2020

A new guideline has been prepared for the period from 01.01.2020 to 31.03.2020 and uploaded in the IRD web portal of the Department (Link) to provide instructions to the employers to deduct Withholding Tax under the PAYE Scheme, as instructed

IRD Notice on Removal of Economic Service Charge (ESC)

As approved by the Cabinet of Ministers and instructed by the Ministry of Finance, ESC has been abolished with effect from January 01, 2020, pending parliamentary approval for amendment to the Economic Service Charge Act, No. 13 of 2006. Accordingly,