VAT Registration of persons of whose taxable supply has never exceeded Rs.75 million for any taxable period ended prior to December 31, 2019, IRD has been inactivated VAT Registration with effect from January 01, 2020. In line with that SVAT registration of such persons will also be inactivated with effect from January 01, 2020. Therefore,…
The Commissioner General of Inland Revenue has published a notice pertaining to changes proposed in the Budget 2021 to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Exemptions from Income Tax Tax rate changes Tax computation, deductions and qualifying payments Tax administrative measures Other proposals Tax relief measures…
Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment
The Colombo Port City Economic Commission Act was passed in Parliament on the 19th of May 2021 and is pending certification by the Speaker. Download EY Analysis of Colombo Port City Economic Commission Act. Colombo Port City Economic Commission Act – English
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“
Section 3 of the Land (Restrictions on Alienation) Act, No. 38 of 2014 (hereinafter referred to as the “principal enactment”) and the legal effect of the section as amended is to extend the application of the exemption granted by that section to certain properties. Section 5A of the principal enactment, and the legal effect of…
IT is hereby notified under Section 97(1)(b) of the Inland Revenue Act, No. 10 of 2006, that the bilateral Agreement for affording relief from double taxation and prevention of fiscal evasion, entered into on 03.04.2014 between the Government of the Democratic Socialist Republic of Sri Lanka and the Government of the Republic of Singapore, has…
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…
Tax payments & Returns due dates and tax types & payment period codes for the month of September 2020 are as follows: SEPTEMBER 15TH Advance Personal Income Tax (APIT) for the month of August 2020 is due on September 15, 2020. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
A new amendment to the VAT Act. Download – English Download – Sinhala Summary; This clause amends section 6 of the Value Added Tax Act, No. 14 of 2002 (hereinafter referred to as the “principal enactment”), and the legal effect of that section as amended is to make provisions to determine the value of goods…
Apply Online: Link (Applications are closing on 03rd June 2022) Visit PIM MBA in Taxation programme page: Click here Who Can Apply Eligibility to apply for admission to the MBA-T Degree programme is determined according to the following criteria: One of the following qualifications: A Bachelor’s Degree, from a recognized university with at…
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
Withholding Tax (WHT)/ Advance Income Tax (AIT) Return and Schedules w.e.f. 01 April 2020 (Y/A 2019/2020) Return Annual Statement of Withholding Tax / Advance Income Tax Guidelines Guidelines to Fill the Statement of Withholding Tax Schedules PDF – Schedules to Withholding Tax Return/ Advance Income Tax Excel – Schedule 1 – Withholding Tax/ Advance Income…
Download the document published by IRD IRD has published a document for Values of Non Cash Benefits for the purpose of PAYE. Non Cash Benefits can be categorized mainly into four as follows; Value of Company shares awarded by Employer . Value of benefits from any residence provided by the Employer Value of Transport…