The Inland Revenue Department has published the PAYE tables and the guidelines to be followed for the computation of withholding tax under the PAYE scheme for the period 1st January 2020 to 31st March 2020. Guideline: Instructions to Employers on Deducting Withholding Tax (PAYE) from Employment Income of employees Table – A: Rates for the…
Department of Inland Revenue has published a circular to Banks / Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions Download Circular No. SEC/2019/04 [27 December 2019]
Supply of residential accommodation by way of sale of Condominium housing unit by any person is exempt from VAT with effect from December 01, 2019. Accordingly, VAT is not applicable on the sale of condominium Housing Unit with effect from December 01, 2019, subject to formal amendment to the Value Added Tax Act No. 14…
As approved by the Cabinet of Ministers and instructed by the Ministry of Finance, Value of taxable supplies for the purpose of registration for VAT (VAT registration threshold) will be increased with effect from January 01, 2020, up to 75 million rupees per quarter or 300 million rupees per annum subject to formal amendments to…
The National Customs Tariff is a Guide to compute all the taxes or levies payable on goods (commodities) imported. It is a publication of such taxes stipulated under various Acts and Enactments, consolidated in to one book for ease of reference, both by the Customs Officials as well as the general public. The following taxes…
New Gazette has been published to amend Ports and Airports Development Levy (PAL) w.e.f. December 06, 2019. Download Gazette on PAL changes
As instructed by the Ministry of Finance and approved by the Cabinet of Ministers, NBT has been abolished with effect from December 01, 2019, pending parliamentary approval for amendment to the Nation Building Tax Act, No. 9 of 2009. However, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in…
New gazettes has been issued on revision of Excise Duty on Liquor. Revision of Excise Duty on Liquor – Gazette No. 2152-11 | Date: 03.12.2019 Revision of Excise Duty on Imported Liquor – Gazette No. 2152-12 | Date: 03.12.2019 Revision of Excise Duty on Liquor – Gazette No. 2152-13 | Date: 03.12.2019
New gazette has been published by Ministery of Finance with explantory note to the gazette No. 2151/52. Download Gazette No. 2152/60
As per the Extraordinary Gazette Notification No. 2151/52 dated November 29, 2019, published under section 2A of the Value Added Tax Act No. 14 of 2002, VAT rate has been revised with effect from December 01, 2019 as set out below. supply of services by a hotel, guest house, restaurant or other similar businesses providing…
Department of Customs has published a notice on VAT & NBT change. Download Custom Notice on VAT & NBT
Ministry of Finance has published New Gazette on VAT changes with effect from 1 December 2019. Download Gazette 2151/52 – English Download Gazette 2151/52 – Sinhala