Simplified Value Added Tax (SVAT) Scheme in Sri Lanka By Kokila Mudugamuwa The Simplified Value Added Tax (SVAT) scheme was introduced by the Department of Inland Revenue in Sri Lanka on April 1, 2011, under the Value Added Tax Act. The primary objective of SVAT is to eliminate the need for VAT refunds for eligible…
“Tax Agent” means an agent who is appointed by the taxpayer to interact with the Commissioner General on behalf of such taxpayer to prepare returns and schedules in respect of any type of taxes administered by the Commissioner General for the purposes of e-Services. The persons who have obtained Taxpayer Identification Number (TIN), now you…
Notice to the Employers and Employees Deduction of Tax on Cumulative Income from Employment for the Period 01.01.2020 – 31.03.2020 As you are already informed by the Inland Revenue Department (IRD) by its notice under the reference No. PN/IT/2020 – 03 (Revised) dated 06.04.2020 published in line with the instructions issued by the Ministry of…
Extension of Time to Remit Tax to the Inland Revenue Department Any amount (in lieu of income tax) retained by the Employees’ Trust Fund Board (ETF), any Provident Fund or Employer as per the Circular No. SEC/2020/02 of the Commissioner-General of Inland Revenue dated 18.02.2020, as tax on terminal benefits due for the retiring employees for which…
Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended up to 30 June 2021. Please note that this notice is issued with the awareness of the Director General of Customs and the Chairman of Board of…
VAT Return for the month of February 2020 (Monthly VAT Return) is due on March 31, 2020. Due to the prevailing situation of the country, VAT Returns for the above period can be submitted under the following two methods: Taxpayers who do have access to e-Services (RAMIS), can submit the VAT return via e-Service –…
Download – Public Ruling – PR/IT/2018/02 (10/05/2019) Department of Inland Revenue has published public ruling on deducting of Withholding Tax from the service provided by individuals. If the monthly payment exceeds Rs. 50,000/-, WHT should be deducted on the total amount Similar services and similar services or connected work – Include only services which are similar…
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 Inland Revenue Department (IRD) of Sri Lanka has issued a critical notice for VAT registered persons who have faced difficulties in obtaining Credit Vouchers for the clearance of deferred VAT at Customs. This issue has primarily arisen due to the issuance of Estimated Assessments on Value Added Tax (VAT) Returns. To address this, the…
New gazette has been published by Ministery of Finance with explantory note to the gazette No. 2151/52. Download Gazette No. 2152/60
Department of Inland Revenue has published a paper notice by informing that the Alternative Tax Payment System (ATPS) which was introduced temporarily due to the Covid – 19 pandemic situation will be discontinued effect from March 31, 2021. However, tax payment could be made, Through Online Tax Payment Platform (OTPP) or (For further information, visit…
Tax payments & Returns due dates and tax types & payment period codes for the month of June 2021 are as follows: JUNE 15TH Advance Personal Income Tax (APIT) for the month of May 2021 is due on June 15, 2021. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
How to compute income tax payable for the Y/A 2018/2019 who has obtained the approval for calendar year basis ? Taxpayers who have obtained the approval to make up their accounts for calendar year basis, the ascertainment of Income Tax payable for the year of assessment 2018/2019 has to be computed following manner; For…
Department of Inland Revenue has published a list of VAT Registration inactivated persons as at 20.01.2020. Download List: PDF | Excel