Monthly Archives: November 2018

No more VAT on importation of Woven Fabrics

Value Added Tax shall be charged at zero rate (0% ) on the importation or supply of imported goods specified under H. S. Code and description published in the Gazette No. 2095/20. Download Gazette : English | Sinhala

IRD Notice on Debit Repayment Levy (DRL)

Department of Inland Revenue has published a notice on Debit Repayment Levy (DRL) under following headings; Imposition of DRL Monthly Payments & Submission of Value Addition Statement Submission of Return Download IRD Notice on Debit Repayment Levy (DRL) Monthly Value Addition

Finance minister revives the Tax Appeals Commission

The Tax Appeals Commission (TAC) which has been inactive for some time has now been revived with the reappointment of Justice Hector Yapa as Chairman and Justice Sunil Rajapakse and Mr. S. Swarnajothi Former Auditor General as members by Hon.  Prime

Summary of Provisions in the Finance Act No. 35 of 2018

The Finance Act No. 35 of 2018 has been enacted (Certified on November 01, 2018) consequent to the respective proposals made in the Budget 2018, to provide for the amending of certain levies, taxes or fees imposed under respective Finance

New policy changes

An extract of a notice published in the Ministry of Finance website is quoted below for your information. PUBLISHED ON 2ND NOVEMBER 2018 Download His Excellency the President, and the Honorable Prime Minister and Minister of Finance and Economic Affairs have