Happy New Year - 2020

Happy New Year - 2020

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Updated Schedules for Withholding Tax Credit

Department of Inland Revenue has published updated schedules for WHT Credit which are required to be submitted together with Income Tax Return. Individuals Schedule for Withholding Tax Credit Schedule for Withholding Tax Credit (Amendment) Partnerships Schedule for Withholding Tax Credit

Implementation of Proposed Changes to the Inland Revenue Act No. 24 of 2017

Department of Inland Revenue has published a notice (PN/IT/2020-03) on 12 February 2020 pertaining to changes proposed to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Removal of Withholding Tax (WHT) on the payments

Updated Schedule Verification Tool – As at 11 February 2020

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 – 5.4) – 11 February 2020 Guide for “How to use the schedule verification tool”

Finance (Amendment) Bill – Dated 10 February 2020

The government has issued a Finance (Amendment) Bill which amends section 36 of the Finance Act, No. 35 of 2018 and the legal effect of the section as amended is to terminate the levying of Debt Repayment Levy with effect

Value Added Tax (Amendment) Bill – Dated 10 February 2020

The government has issued VAT (Amendment) Bill dated 10 February 2020 on recent VAT changes. Download: English | Sinhala Summary: Clause 2: This clause amends section 3 of the Value Added Tax Act, No. 14 of 2002 (hereinafter referred to as

Company Registration Levy (CRL)

The Department of Registrar of Companies has extended the time period for levy on Company Registration until 31st of March 2020 under the Finance Act No. 35 of 2018. Download the Notice published by ROC

Application Form for Tax Clearance (Outward Remittances)

Department of Inland Revenue has published a new Application Form for Tax Clearance (Outward Remittances). Download Application Form for Tax Clearance (Outward Remittances)

List of VAT Inactivated persons as at 05 February 2020

Department of Inland Revenue has published an updated list of VAT Registration inactivated persons as at 05.02.2020. Download List: PDF | Excel

No more WHT

Department of Inland Revenue has published a notice on WHT as instructed by the Ministry of Finance. Download IRD Notice

List of VAT Inactivated persons as at 30 January 2020

Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 30.01.2020. Download List: PDF | Excel

Circular to Banks and Financial Institutions – Withholding Tax on Interest

Department of Inland Revenue has published circular to Banks and Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions. Download – Circular No. SEC/2020/01 [29 January 2020] Previous Circular – Circular No. SEC/2019/04 [27 December

List of VAT Inactivated persons as at 28 January 2020

Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 28.01.2020. Download List: PDF | Excel

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