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Monthly Archives: July 2018

Estimate & Pay – Year of Assessment 2018/2019

Department of Inland Revenue has published Guideline to facilitate the completion of Statement of Estimated Income Tax payable and to calculate the income tax installments payable in terms of the provisions under the Inland Revenue Act No. 24 of 2017 Statement

Parliament passed the Nation Building Tax Bill by limiting and granting new exemptions

NBT Bill passed by the parliament together with Committee Stage amendment on 18 July 2018. Department of Inland Revenue has published a notice for the same on 20 July 2018. Relevant notice is attached above for your reference.

Circular stating instructions to taxpayers for requesting a private ruling

Department of Inland Revenue has published a Circular stating instructions to taxpayers for requesting a private ruling – Circular No. SEC/2018/07.

New Gazette on Capital Gain Tax Return and Schedules – No. 2064/59

The Commissioner General of Inland Revenue has published a Gazette notification specifying the Capital gain tax return and schedules to be furnished by any person in respect of income consisting of a gain from the realization of an investment asset under

Certain Healthcare Services are exempt from Value Added Tax (VAT)

Department of Inland Revenue has published notice on Implementation of Changes to Value Added Tax (VAT) on Healthcare Services as published in the Extraordinary Gazette. As per the Extraordinary Gazette notification No. 2076/06 dated 2nd July 2018, for any period

Economic Service Charge (Amendment) Bill

Following changes are going to be incorporated to Economic Service Charge Act, No. 13 of 2006; Amendments to Section 22 – to specify the base for charging the service charge for importation of motor vehicles Amendments to Schedule IV –  to

Value Added Tax (Amendment) Bill

Following changes are going to be incorporated to Value Added Tax Act, No. 14 of 2002; Amendments to Section 22 –  Local sale of certain garments by export oriented companies Amendments to Section 25A – Sri Lanka Deposit Insurance Scheme Amendments to