Happy New Year - 2020

Happy New Year - 2020

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PAYE Tax Tables for the period 01 January 2020 to 31 March 2020

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

IRD Circular to Banks and Financial Institutions – WHT on Interest

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]

IRD Notice on Exemption of VAT on supply of Residential Accommodation

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

IRD Notice on Inactivation of VAT Registration

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

Updated customs tariff changes up to 18 Dec 2019

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

Amendments to Ports and Airports Development Levy w.e.f. December 06, 2019

New Gazette has been published to amend Ports and Airports Development Levy (PAL) w.e.f. December 06, 2019. Download Gazette on PAL changes

IRD Notice on NBT Change

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,

Revision of Excise Duty on Liquor

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

New amendment to the Gazette No. 2151/52 on recent VAT changes

New gazette has been published by Ministery of Finance with explantory note to the gazette No. 2151/52. Download Gazette No. 2152/60

IRD Notice on VAT changes

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

Customs Notice on VAT & NBT change

Department of Customs has published a notice on VAT & NBT change. Download Custom Notice on VAT & NBT

New Gazette (No. 2151/52) on VAT 8%

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

Upload Additional Documents

MOST AWAITED OPTION NOW AVAILABLE IN RAMIS!!! Documents such as: Transfer Pricing Disclosure Form (TPDF) Audited Financial Statements Withholding Credit Schedule Etc. which were not able to submit together with online or manual filing on before November 30, 2019 can

WHT Credit Schedules

Department of Inland Revenue has published the WHT Credit Schedule which is needed to submit for the year of assessment 2018/2019 after verification through RAMIS under the “Upload schedule Files / Documents” option. WHT Credit Schedule for Individuals WHT Credit Schedule for

IRD Notices on recent tax changes – Income Tax, WHT, VAT & NBT

Department of Inland Revenue has published two notices on Income Tax, VAT, NBT & WHT. Download – IRD Notice on Income Tax & WHT Download – IRD Notice on VAT & NBT

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