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Monthly Archives: April 2018

Certificate of Tax Deduction (T-10)

Employers are required to issue all employees details of the tax deductions made during the year in the Certificate of Tax Deduction (T 10 form), before the expiry of the 30th day of April in the following year (30 April

Taxpayer may designate an Authorized Representative

Circumstances under which a taxpayer may designate an authorized representative to communicate with the Inland Revenue Department on behalf of the taxpayer as set out in the gazette (attached) effective from 01.04.2018.

Debt claim made by a person conducting a banking business

Where a person conducting a banking business makes specific provision for a debt claim in accordance with the relevant directives made by the Central Bank of Sri Lanka, subject to conditions as set out in the gazette (attached). No provision made

Interest and repayment of capital

The interest and repayment of capital under subsections (1) and (2) of section 31 of the Inland Revenue Act, No. 24 of 2017, shall be calculated as if the loan were a blended loan with interest compounded six-monthly or  other

Losses on financial instruments

Loss on a financial instrument is occurred as the circumstance in which loss on a financial instrument set against the gain from same type of financial instrument.

Regulations of Transitional Provisions under Sec. 194 of Inland Revenue Act – Gazette No. 2064/53

The Inland Revenue Act, No. 10 of 2006 shall not apply to any income tax, for any year of assessment commencing on or after April 1, 2018, unless otherwise stated in the Inland Revenue Act, No. 24 of 2017 or

Services rendered with a Source in Sri Lanka and Pays to a resident Individual under Sec. 85 of Inland Revenue Act

Gazette on the Services are prescribed for the purpose of subparagraph (v) of paragraph (a) of subsection (1) of section 85, as being the services rendered with a source in Sri Lanka and is paid to a resident individual.

Ports and Airports Development Levy

Exemption and concessionary rate of 2.5% for Ports and Airports Development Levy on import of each article specified in the gazette (Attached).    

Updated Circular to Withholding Agents

Department of Inland Revenue has published New Circular No. SEC/2018/06 (by withdrawing the Circular No. SEC/2018/05) to Withholding Agents – Withholding from Payment made under Section 84 and 85 of the Inland Revenue Act No. 24 of 2017  

Guide for Income Sources (Draft) under Inland Revenue Act, No. 24 of 2018

This set of guides, which explains very briefly the main provisions of the Inland Revenue Act No. 24 of 2017 (the Act) which provide the Department’s view point of the legal provisions and guidance to the general public and the

Special Commodity Levy on Potatoes, Rice etc.

Section 2 of the Special Commodity Levy Act, No. 48 of 2007, impose in respect of the list of commodities specified in Column I of the Schedule hereto, a Special Commodity Levy at the rates specified in the corresponding entries in

Special Commodity levy on Other Black gram

Section 2 of the Special Commodity Levy Act, No. 48 of 2007, impose, in respect of the list of commodity specified in Column I of the Schedule hereto a Special Commodity Levy, at the rate specified in the corresponding entry in Column

License Fee for Toddy Tapping

Section 25, read together with Section 32 of the Excise Ordinance (Chapter 52), as amended with the license fees for toddy tapping with effect from April 16, 2018.  

Gazette notification under Paragraph (e)(iii) of the Third Schedule of the Inland Revenue Act, No. 24 of 2017

Gazette notification under Paragraph (e)(iii) of the Third Schedule of the Inland Revenue Act, No. 24 of 2017- official emoluments of any individual who is employed by the Asian Development Bank.    

Income Tax slabs for Individuals & Employees for the Y/A 2018/2019

Individuals other than who are in employment Resident employee who has furnished the Primary Employment Declaration* to Employer (Employee who is Resident & Citizen / Non-Citizen) Employee who is Non-Resident and Non-Citizen Any employee who has not furnish the primary employment

Primary Employment Declaration Form (PED)

  Download Form Every employee is required to furnish Primary Employment Declaration Form, to the employer nominating his primary employment under New IRA. A declaration must be signed and dated by the employee and the employer, and may relate to