Taking into account the prevailing situation in the country due to the outbreak of Covid-19 virus, the Inland Revenue Department has taken the following steps to extend the project duration for SVAT purposes and to issue VAT registration (temporary and permanent). Extension of the project period in terms of section 22(7) of the Value Added…
Department of Inland Revenue has extended VAT Deferment Facility on Imports at the Customs/BOI and Temporary VAT registration till 31 December 2020 based on the prevailing situation of the country. Download IRD Notice No.: PN/VAT/2020-13 | Dated: 06 Oct 2020 Previous Paper Notice No: PN/VAT/2020-11 | Dated: 30 July 2020
As per the amendments made to sub item (iv) of item (xxii) of paragraph (a) of the First Schedule to the Value Added Tax Act, No. 14 of 2002 (VAT Act) by the Value Added Tax (Amendment) Act, No. 25 of 2018, exemption granted on the import or supply of wood (sawn) from VAT is…
Income tax on terminal benefits due for the retiring employees for which such employees were required to produce a Direction from the IRD within 90 days from the date of such retention of tax is further extended to 31 January 2021. Download IRD Notice: PN/APIT/2020-05 | Dated: 30.12.2020
The IRD has informed that the taxpayers who had e-Filed the Return of Income for the last Year of Assessment (2018/ 2019), should e-File their Returns of Income for this year. Further, Returns of Income of such taxpayers have neither been printed nor posted for manual submission. IRD highly promotes all other taxpayers as well…
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…
In Sri Lanka, the taxation landscape has been evolving, and one of the significant changes that have garnered attention is the imposition of a 5% Advance Income Tax (AIT) on interest and discount on deposits. This article delves into the critical aspects of this tax, as outlined in the Inland Revenue Department’s Circulars SEC/2022/E/02 and…
Tax payments & Returns due dates and tax types & payment period codes for the month of August 2021 are as follows: AUGUST 15TH Corporate Income Tax (CIT) 1st Instalment for the Y/A 2021/2022 is due on August 13, 2021 (Since August 14 & 15 fall on holidays), Online payment (OTPP) can be made until August…
Department of Inland Revenue has published a Application Form for Profile Update (For Company). Click here to download Application All taxpayers are required to update their profile with the relevant activity code in the IRD system. This can be done by updating the profile information via e-Service or by sending the requested information and documents…
Department of Inland Revenue has issued a circular on Guideline for Employees Trust Fund (ETF), all Provident Funds & all Employers – Circular No. SEC/2020/02 [18 February 2020] Download Circular No. SEC/2020/02
Updated : December 5, 2018 Section 58A which relating to the Tourist VAT Refund Scheme (TVRS) shall come into operation from September 11, 2018 under the Value Added Tax Act, No. 14 of 2002 amended by the Value Added Tax (Amendment) Act, No. 25 of 2018. Gazette for effective date of Tourist VAT Refund Scheme (TVRS)…
Finance Ministry has issued a gazette notification by reducing the PAL rate of cement clinkers from 10% to 7.5%. Download the Gazette Notification
Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 30.01.2020. Download List: PDF | Excel
Department of Inland Revenue has published a Quick Guide for “How to file Individual Income Tax (IIT) Return”. Download IIT Quick Guide