Lanka Tax Club

Exemption and concessionary rate of 2.5% for Ports and Airports Development Levy on import of each article specified in the gazette (Attached).    

Department of Inland Revenue has updated Declaration Form which is required to submit by Senior Citizens  to the Financial Institutions. Updated Circular – Withholding Tax on Interest paid by Banks or other Financial Institutions – No. SEC/2018/01 Download – English Download – Sinhala Updated Declaration Form – Declaration by Senior Citizens to the Financial Institutions Download –…

The Department of Registrar of Companies has extended the time period for levy on Company Registration until 31st of March 2020 under the Finance Act No. 35 of 2018. Download the Notice published by ROC

Department of Inland Revenue has published a notice as per the approval granted by the Cabinet of Ministers and instructed by the Ministry of Finance on April 24, 2020, the supply of services in respect of inbound tours by a travel agent registered with the Sri Lanka Tourism Development Authority is exempt from Value Added…

The Finance Act No. 35 of 2018 imposes Carbon Tax in the following manner; Liable Persons: Registered owner of every motor vehicle Chargeable period: Every year (other than for the first year of registration of such motor vehicle) Effective Date: January 1, 2019 Applicable Rates:                 Payment Due Date:  On or…

Value Added Tax Act, No. 14 of 2002 is amended by the Amendment Act, No. 25 of 2018 as certified by the Hon. Speaker on 16th August 2018. The changes are effective from August 16, 2018 (unless a specific date is mentioned in the relevant provision). New VAT Amendment Act No. 25 of 2018 – Download:…

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 million rupees per quarter or 300 million rupees per annum subject to formal amendments to…

Special Commodity Levy has been imposed on Mackerel, Peas, Seeds etc and  shall be valid for a period of 06 months commencing from March 08, 2018. Download – English Download – Sinhala

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 Deducting Withholding Tax (PAYE) from Employment Income of employees Table – A: Rates for the…

Department of Inland Revenue has extended due date of submission of PAYE Annual Declaration and WHT Return  for the Y/A 2018/19 up to May 15, 2019. IRD Notice

Following taxes or other levies are not deductible when calculating a person’s income under New Inland Revenue Act. Income Tax Economic Service Charge Value Added Tax on Financial Services Nation Building Tax on Financial Services Crop Insurance Levy Supper Gain Tax Bars and Taverns Levy Casino Industry Levy Mobile Telephone Operator Levy Satellite Location Levy…

Department of Inland Revenue has opened the RAMIS to submit ESC Return online. Effective from 01 April 2019 (for Year of Assessment 19/20) – Due on April 20, 2020 Download the Quick Guide of the same.