The Inland Revenue Department (IRD) of Sri Lanka has issued an important notice to all taxpayers regarding the recovery of outstanding taxes. This notice highlights a serious issue that has recently come to light and provides crucial guidance for all taxpayers to ensure their safety and proper compliance with tax regulations. Key Information The IRD…
1. Income Tax (Amendments to the Inland Revenue Act, No. 24 of 2017 1.1 Tax Payable by Withholding (a) A special tax return requirement will be introduced for the deduction of 2.5% withholding tax levied on the sale price of any gem sold at an auction conducted by the National Gems and Jewellery Authority. Exemption…
ΰΆΰΆΊΰ·ΰΆ§ ΰΆΰ·ΰΆΊΰ·ΰΆ±ΰ·ΰΆ±ΰ· Salary ΰ·ΰ·ΰΆΰΆ»ΰΆ―? ΰΆΰ·ΰ·ΰΆΈ ΰΆ±ΰ·ΰΆΰ·ΰΆ±ΰΆΈΰ· Salary ΰ·ΰ· ΰΆ΄ΰ·ΰ· ΰ· ΰΆ ΰΆ―ΰ·ΰΆΊΰΆΈ ΰ·ΰ·ΰΆΰΆ»ΰΆ―? ΰΆΰ·ΰ·ΰΆ±ΰΆΈΰ· ΰΆΰΆ±ΰ·ΰΆΊΰ·ΰΆΈ ΰΆΰΆΊΰ·ΰΆΰ· Tax ΰΆΰΆ ΰ·ΰΆ―ΰΆΈΰ·ΰΆ―? π Registration Link: https://forms.gle/2GwBYEpNAsZtUH8U8 π Date & Time: 22 October 2023 at 8:00PM onwards π Investment: LKR 500/- (50% Discount for first 100 registrations) π Limited Zoom seats are available! π Hurry Up! Register Soon!
The attached notice is from the Inland Revenue Department of Sri Lanka (IRD) regarding the reimbursement of Value Added Tax (VAT) to the purchasers of agricultural tractors. The notice states that the importation of agricultural tractors was exempted from VAT with effect from January 1, 2015, but that VAT was charged on agricultural tractors imported…
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π Employment, Business, Investment Incomes, Qualifying Payments and Reliefs, Tax Credits π Date & Time: 27 September 2023 (Tomorrow) at 8:00PM π Investment: LKR 500/- π Limited Zoom seats are available! π Hurry Up! Register Soon! π Registration Link: https://forms.gle/p3BCrwmizqpC3Mku7 Please make the payment LKR 500/= to Lanka Tax Club bank account mentioned below: Name:…
SEC/2023/E/06 from the Inland Revenue Department of Sri Lanka is about senior citizens’ quarterly income tax refunds for advance income tax (AIT/WHT) deducted on interest. It sets out the manner and the procedure of refund payments to senior citizens in terms of Section 150(2A) of the Inland Revenue Act, No. 24 of 2017 (IRA) as…
An amendment proposal to the Value Added Tax Act No. 14 of 2002 was officially released on August 31, 2023, and awaits presentation in Parliament. The purpose of this post is to elucidate the key provisions contained within this proposal. It is essential to underscore that the content of this Bill remains subject to potential…
This is an IRD Notice about amendments to the Social Security Contribution Levy Act. It discusses new exemptions and an amendment to an existing exemption. New exemptions include motor vehicles liable to Excise Duty, equipment used by differently abled persons, importation of rough unprocessed gem stones, articles sold at duty free shops, and rice manufactured…
This is an IRD notice about changes to the Betting and Gaming Levy Act. It discusses registration requirements for betting and gaming operators, increases to the gross collection levy rate, and the removal of the Social Security Contribution Levy. Other important points include the introduction of a casino entrance levy and increases to the annual…
The Colombo Port City project, a Special Economic Zone (SEZ) in Sri Lanka, offers a number of tax incentives and exemptions to investors. These incentives are designed to attract foreign direct investment and boost economic growth. Tax Incentives A 50% concessionary rate of corporate income tax for up to 10 years. An enhanced capital allowance…
This is an IRD notice about corruption at the Inland Revenue Department (IRD). It discusses the measures taken to reduce corruption, including a zero-tolerance policy, a variety of ways to report corruption, and protection for whistleblowers. This notice also emphasizes the importance of taxpayer honesty. Download IRD Notice: PN/OT/2023-01
ALL TAXES IN SHORT – TODAY AT 8:00 PM (13 SEPTEMBER 2023) π Individual Income Tax (IIT), Corporate Income Tax (CIT), Partnership Income Tax (PIT), Value Added Tax (VAT), Simplified Vβalue Added Tax (SVAT), VAT on Financial Service (VAT FS), Advance Income Tax (AIT), Capital Gain Tax (CGT), Stamp Duty (SD), Share Transaction Levy (STL),…