January 2020

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

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 5%,  will be subject to an increased rate of 7.5%; Specified items will be exempted…

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

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  

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

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 for the month of December 2019 is required to be paid on or before January…

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 in the preparation for sale and his/its liable turnover exceeds twenty-five million (Rs. 25 Mn,)…

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

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 to the period prior to December 1, 2019. Download: English | Sinhala

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

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”

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