The Colombo Port City project, a Special Economic Zone (SEZ) in Sri Lanka, offers a number of tax incentives and exemptions to investors. These incentives are designed to attract foreign direct investment and boost economic growth. Tax Incentives A 50% concessionary rate of corporate income tax for up to 10 years. An enhanced capital allowance…
This is an IRD notice about corruption at the Inland Revenue Department (IRD). It discusses the measures taken to reduce corruption, including a zero-tolerance policy, a variety of ways to report corruption, and protection for whistleblowers. This notice also emphasizes the importance of taxpayer honesty. Download IRD Notice: PN/OT/2023-01
ALL TAXES IN SHORT – TODAY AT 8:00 PM (13 SEPTEMBER 2023) 📌 Individual Income Tax (IIT), Corporate Income Tax (CIT), Partnership Income Tax (PIT), Value Added Tax (VAT), Simplified Value Added Tax (SVAT), VAT on Financial Service (VAT FS), Advance Income Tax (AIT), Capital Gain Tax (CGT), Stamp Duty (SD), Share Transaction Levy (STL),…
Circular No. SEC/2023/E/03, issued on May 9, 2023, provides guidance on the calculation of Income Tax payable for the year of Assessment starting from April 1, 2022. The circular, published by the Inland Revenue Department of Sri Lanka, aims to assist taxpayers in understanding the process and requirements for determining their income tax liability. It…
The Circular SEC 2022/E/05 (Rev) issued by the Inland Revenue Department (IRD) of Sri Lanka provides guidance on the quantification of values for non-cash benefits in calculating employment income for tax purposes. The circular defines non-cash benefits as any benefit provided by an employer to an employee, other than cash, that has a monetary value….
History of General VAT Rate change in Sri Lanka from 2002 to date. Period Type Rate Rates applicable from 01.08.2002 to 31.12.2003 01.08.2002 – 31.12.2003 Reduce – 2nd Sch. 10% Standard – All other 20% Rates applicable from 01.01.2004 to 31.12.2008 01.01.2004 – 18.11.2004 Single Rate – 3rd Sch. 15% 19.11.2004 – 31.12.2004 Basic Rate – 3rd Sch….
Department of Inland Revenue has introduced a search facility to obtain system generated Paying-in-slip Number/ Payment Voucher Number /DIN number. Link to Search Paying-in-slip Number/ Payment Voucher Number /DIN number.
Department of Inland Revenue has published Surcharge Tax Return and Guide. Surcharge Tax Return Surcharge Tax Return Guide Click here to refer to Surcharge Tax
Tax payments & Returns due dates and tax types & payment period codes for the month of July 2022 are as follows: JULY 15TH Advance Personal Income Tax (APIT) for the month of June 2022 is due on July 15, 2022. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
Minister of Finance has published a gazette notification on VAT rate change on the following. Order declares that : The Value Added Tax shall be charged ; On import of goods set out in the H. S. Code and description specified in Column I and II of Schedule of the Extraordinary Gazette Notification No. 2095/20…
Prime Minister’s Media Division has published Proposed Tax Reforms in 2022 which are effective from 01 October 2022 other than the following: VAT Rate change from 8% to 12% Telecommunication Levy change from 11.25% to 15% Download the details version of the proposed Tax Reforms in 2022