2019

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

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 by the Cabinet Spokesman subsequent to the Cabinet meeting. Income tax  – Effective Date 1…

The Cabinet has given its approval to remove the Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax and Withholding Tax on interests, the Co-Cabinet Spokesperson Ministers Bandula Gunawardana said today.He mentioned this during the first press briefing to announce the decisions of the new government’s Cabinet of Ministers. It took place at the…

ESC Amendment Bill has been published by incorporating proposed changes to the ESC Act. Download – English | Sinhala

Inland Revenue Amendment Bill has been published by incorporating proposed changes to the Inland Revenue Act, No. 24 of 2017. Download – English | Sinhala

Department of Inland Revenue has published a Quick Guide for “How to file Individual Income Tax (IIT) Return”. Download IIT Quick Guide

Department of Inland Revenue has published a Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019. Download – Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019

Department of Inland Revenue has published a quick guide on “How to file Statement of Partnership Income online”. Download Quick Guide – “How to file Statement of Partnership Income“

IRD Notice to VAT Registered Persons who supply Condominium Housing Units As per the Bill and subsequent Committee Stage Amendments (CSA) as passed in Parliament on the 23rd October 2019 to amend Value Added Tax Act, No. 14 of 2002 (VAT Act) including section 22 and item (xi) of paragraph (b) of the First Schedule to…

New Gazette has been issued by approving “Center for Handicapped” Organization as a charitable Institution under the Inland Revenue Act No. 24 of 2017. Download Gazette: English | Sinhala

Submission of Transfer Pricing Disclosure Form For the Year of Assessment 2018/2019 Inland Revenue Department has published notice by extending the due date of the Transfer Pricing Disclosure Form up to 31st March 2020. IRD Notice on TPDF Extension

Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment

Implementation of Changes to Value Added Tax (VAT) as passed in Parliament on 23rd October 2019 IRD Notice on recent VAT Amendment

The below article has been published by the Ministry of Finance on 31st October 2019. Luxury tax on motor vehicles will not be affected for small vehicles. The Finance Act has been amended as proposed in the Budget 2019 by Minister of Finance Hon. Mangala Samaraweera, the tax levied on motor vehicles will only be…