Tax Payments & Returns due dates in the month of February 2021

Tax payments & Returns due dates and tax types & payment period codes for the month of February 2021 are as follows: FEBRUARY 15TH Corporate Income Tax (CIT) 3rd Instalment for the Y/A 2020/2021 is due on February 15, 2021. Tax

Piece based VAT rate applicable on local supply of certain garments has been reduced

As the approval granted by the Cabinet of Ministers and instructed by the Ministry of Finance on December 17, 2020, piece based VAT rate applicable on local supply of certain garments classified under the HS Chapters 61, 62 and 63

List of VAT Registration Deactivated Persons (w.e.f. 20.01.2021)

Department of Inland Revenue has published a list of VAT Registration deactivated persons (w.e.f. 20.01.2021). Download: List of VAT Registration deactivated persons

Tax Payments & Returns due dates – January 2021

Tax payments & Returns due dates and tax types & payment period codes for the month of January 2021 are as follows: JANUARY 15TH Advance Personal Income Tax (APIT) for the month of December 2020 is due on January 15,

IRD Notice on Tax proposals announced in the Budget – 2021

The Commissioner General of Inland Revenue has published a notice pertaining to changes proposed in the Budget 2021 to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Exemptions from Income Tax Tax rate

Extension for Temporary VAT Registration

Temporary VAT Registration issued for import or export, which gets expired prior to February 28, 2021 as per the certificate, has been extended till February 28, 2021. Download IRD Notice: PN/VAT/2020-15 | Dated: 31.12.2020 

Extension for VAT Deferment Facility

Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended up to February 28, 2021. Download IRD Notice: PN/VAT/2020-14 | Dated: 30.12.2020

Extension for tax on terminal benefits

Income tax on terminal benefits due for the retiring employees for which such employees were required to produce a Direction from the IRD within 90 days from the date of such retention of tax is further extended to 31 January

The IRD publishes new rules for CbCR and CbCR notification – EY

Inland Revenue Department (IRD) issued new guidance regarding the Country-by-Country Reporting (CbCR) and CbCR notification requirements, introducing significant changes in the compliance obligations for affected taxpayers. The new guidance includes, among others, an extension for the filing of the CbCR notification;

Form for Notice on filing of Country by Country Report (CbCR) of the MNE Group

Department of Inland Revenue has published Form for Notice on filing of Country by Country Report (CbCR) of the MNE Group. Download Form | Form No: TP/CbCR/01

Notice on Filing of Country by Country Report (CbCR) of the MNE Group

Department of Inland Revenue has published a notice on Filing of Country by Country Report (CbCR) of the MNE Group. Download IRD Notice | PN/TP/2020-03 | Dated: 22.12.2020

Extension for validity of Outward Remittance Clearances issued for covering specified period of time

Revised notice on issuing Tax Residency Certificates

Taking into account the prevailing Covid-19 pandemic situation in the country, the Commercial Banks, Authorized Dealers engaged in outward remittances and the person who make the outward remittances are hereby informed to treat that the validity of Outward Remittance Clearances issued for