Monthly Archives: November 2019

Proposed amendments to taxation

Ernst & Young has published tax alert containing amendments to direct and indirect taxes as approved by the Cabinet of Ministers on 27 November 2019. The contents of this Alert, including our analysis, are based on the press briefing given

Cabinet announces several tax reliefs

The Cabinet has given its approval to remove the Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax and Withholding Tax on interests, the Co-Cabinet Spokesperson Ministers Bandula Gunawardana said today.He mentioned this during the first press briefing to

New amendment to ESC Act

ESC Amendment Bill has been published by incorporating proposed changes to the ESC Act. Download – English | Sinhala

New amendment to Inland Revenue Act

Inland Revenue Amendment Bill has been published by incorporating proposed changes to the Inland Revenue Act, No. 24 of 2017. Download – English | Sinhala

Quick Guide for “How to file Individual Income Tax (IIT) Return”

Department of Inland Revenue has published a Quick Guide for “How to file Individual Income Tax (IIT) Return”. Download IIT Quick Guide

Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019

Department of Inland Revenue has published a Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019. Download – Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019

How to file Partnership Return online

Department of Inland Revenue has published a quick guide on “How to file Statement of Partnership Income online”. Download Quick Guide – “How to file Statement of Partnership Income“

6% VAT Rate for Condominium Housing Units

IRD Notice to VAT Registered Persons who supply Condominium Housing Units As per the Bill and subsequent Committee Stage Amendments (CSA) as passed in Parliament on the 23rd October 2019 to amend Value Added Tax Act, No. 14 of 2002 (VAT

“Center for Handicapped” Organization Approved for Charity Purpose

New Gazette has been issued by approving “Center for Handicapped” Organization as a charitable Institution under the Inland Revenue Act No. 24 of 2017. Download Gazette: English | Sinhala

Submission of Transfer Pricing Disclosure Form has been allowed up to 31st March, 2020

Submission of Transfer Pricing Disclosure Form For the Year of Assessment 2018/2019 Inland Revenue Department has published notice by extending the due date of the Transfer Pricing Disclosure Form up to 31st March 2020. IRD Notice on TPDF Extension

IRD Notice on recent NBT Amendment

Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment

IRD Notice on recent VAT Amendment

Implementation of Changes to Value Added Tax (VAT) as passed in Parliament on 23rd October 2019 IRD Notice on recent VAT Amendment