Monthly Archives: January 2020

List of VAT Inactivated persons as at 28 January 2020

Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 28.01.2020. Download List: PDF | Excel

Ports and Airports Development Levy (Amendment) Bill

The new amendment to Ports and Airports Development Levy Act on rate revision. The key revisions are as follows; Items subject to a rate of 2.5%, will be subject to an increased rate of 5%; Items subject to a rate of

Proposed amendments to Income Tax

Ernst & Young has published Tax Alert on proposed changes to Income Tax. Download EY Tax Alert

Press release on Income Tax changes

Ministry of Finance has published on their website a press release on the latest Income Tax changes. Download Press Release – Amendments to the IRA No. 24 of 2017  

List of VAT Inactivated persons as at 20 January 2020

Department of Inland Revenue has published a list of VAT Registration inactivated persons as at 20.01.2020. Download List: PDF | Excel

IRD Notice on removal of Debt Repayment Levy (DRL)

DRL has been abolished with effect from January 01, 2020, pending parliamentary approval for amendment to the Finance Act, No. 35 of 2018. Accordingly, financial institutions are not subject to DRL with effect from January 01, 2020. However, DRL payment

How to fill Nation Building Tax Return for Quarter ending 31 December 2019

The return of Nation Building Tax (NBT) for Quarter ended with December 31, 2019, is required to furnish on or before January 20, 2020. Accordingly, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce

ESC (Amendment) Bill on removal of ESC

This bill amends section 2 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to remove the Economic Service Charge from January 1, 2020. Download: English | Sinhala

NBT (Amendment) Bill on removal of NBT

This bill amends section 3 of the Nation Building Tax Act, No. 9 of 2009 and the legal effect of the section as amended is to limit the period of application of the Nation Building Tax under the said Act

Incorporation of foreign owned companies in Sri Lanka

Incorporation of foreign-owned companies in Sri Lanka with Registrar of Companies is temporally held until further notice (Except BOI approved companies). For more details Contact Incorporation Division 0112689208/09 – Ext 245, Direct 0112689616

Updated Schedule Verification Tool

Download and run the Schedule File Verifier Tool to verify your schedules (VAT/SVAT/PAYE/WHT/CIT/IIT/PIT) before submitting to IRD via E-filing. Download Link (Version – 5.3) – 14 January 2020 Guide for “How to use the schedule verification tool”

List of VAT Inactivated Persons as at 14.01.2020

Department of Inland Revenue has published a List of VAT Registration Deactivated Persons (w.e.f. 14.01.2020). Download List: PDF | Excel