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Monthly Archives: May 2019

Certificate of Tax Deductions – T10

Department of Inland Revenue has published Certificate of Income Tax Deductions prescribed under Section 87 of the Inland Revenue Act, No. 24 of 2017. Certificate of Income Tax Deductions ‍- Primary Employment – (PAYE/T10(new)) Certificate of Income Tax Deductions ‍- Secondary

Gazette No. 2124/3 has been published on 5% VAT on Hotels, Guest, Restaurant and other similar business

Gazette Notification No. 2124/3 IRD Notice on Change of VAT Rate As per the Extraordinary Gazette Notification No. 2124/3 dated May 21, 2019, published under section 2A of the Value Added Tax Act, No. 14 of 2002 (VAT Act), VAT

New Gazette on Capital Gain Tax – No. 2116/31

Download Gazette: English | Sinhala Department of Inland Revenue has published a gazette on capital gain tax and summary of the same as below; Where the gain made by a resident individual from the realization of investment asset exceeds Rs.

Public ruling on year change approval – PR/IT/2019/01

Download – Public ruling on year change approval – PR/IT/2019/01 (10/05/2019) Taxpayers who have already obtained the approval from Commissioner General to prepare their accounts for a period other than the year of assessment, in order to ascertain income tax

Public ruling on deducting Withholding Tax from the service provided by individuals – PR/IT/2018/02

Download – Public Ruling – PR/IT/2018/02 (10/05/2019) Department of Inland Revenue has published public ruling on deducting of Withholding Tax from the service provided by individuals. If the monthly payment exceeds Rs. 50,000/-, WHT should be deducted on the total amount

Central Bank Circular on Concessions Granted to Tourism Industry

Central Bank has issued a circular on concessions granted to Tourism Industry.    Circular No. 07 of 2019 (on 08.05.2019)

‘Relief package’ to strengthen tourism industry affected by Easter attacks

Decisions Taken by Cabinet of Ministers on its meeting held on 07.05.2019 The Cabinet of Ministers approved the proposal presented by Hon. Eran Wickramarathne, Acting Minister of Finance, to provide a concessionary period for loans taken by those engaged in

Tax concessions among a wide range of measures to revive the tourism sector

Finance Minister Mr. Mangala Samaraweera has posted a message on his Twitter account regarding tax concessions to strengthen the Tourism Industry affected by the Easter Sunday Attacks.