March 2018

Cabinet approved 2018 Budget proposal on NBT

  Download Circular to Banks, Financial Institutions and Remitters of Foreign Exchange – Collection of Remittance Fee (RF) on the Remittance the Inward Remittance of Foreign Exchange as Enacted in the Foreign Exchange Act No. 12 of 2017 – Circular No. SEC/2018/02 [27 March 2018]

How to compute income tax payable for the Y/A 2018/2019 who has obtained the approval for calendar year basis ? Taxpayers who have obtained the approval to make up their accounts for calendar year basis, the ascertainment of Income Tax payable for the year of assessment 2018/2019 has to be computed following manner;   For…

Download – English Download – Sinhala The Government of Sri Lanka is permitted to issue International Sovereign Bonds in 2018 and to make any payments in relation to such issuance, for non-resident investors.  

  Schedule File Verifier – Version: 3.7.4 Department of Inland Revenue has issued new version of schedule file verification tool to verify schedules (VAT/SVAT/PAYE/WHT) and submit via E-filing.

  Circular No. SEC/2018/01 [16 March 2018] Department of Inland Revenue has published a circular, which sets out explanatory notes and guideline to any Banks or other Financial Institution, to facilitate the application of the Section 84 of the Inland Revenue Act No. 24 of 2017, with effective from April 1, 2018, for the deduction of…

Updated on 29 March 2018 In terms of Section 83 of the Inland Revenue Act No. 24 of 2017, Every Employer is required to deduct income tax from the gains and profits from employment of each employee, liable to pay income tax at the time such remuneration is paid or credited. For this purpose the Commissioner…

Budget 2018 – Imposition of Value Added Tax (VAT) for Sale of Condominium Housing Units The Supply of Condominium housing units will be liable for VAT with effect from April 1, 2018 as proposed in the Budget 2018. However, supply of Condominium housing unit will be exempted from VAT under the following cases; Sale of any…

Special Commodity Levy has been imposed on Mackerel, Peas, Seeds etc and  shall be valid for a period of 06 months commencing from March 08, 2018. Download – English Download – Sinhala

Special Commodity Levy has been imposed on Potatoes and  shall be valid until March 31, 2018 commencing from February 24, 2018. Download – English Download – Sinhala

“Tax Agent” means an agent who is appointed by the taxpayer to interact with the Commissioner General on behalf of such taxpayer to prepare returns and schedules in respect of any type of taxes administered by the Commissioner General for the purposes of e-Services. The persons who have obtained Taxpayer Identification Number (TIN), now you…