Tax Related News

Ministry of Finance has issued a Government Notice on Luxury Tax on Motor Vehicles. Download Government Notice on Luxury Tax on Motor Vehicles

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 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

Department of Inland Revenue has published an amended notice on proposed changes to the Inland Revenue Act No. 24 of 2017. Download IRD Notice on Implementation of Proposed Changes to the Inland Revenue Act, No. 24 of 2017 (PN/IT/2020-03 – [Amended])

Department of Inland Revenue has published updated schedules for WHT Credit which are required to be submitted together with Income Tax Return. Individuals Schedule for Withholding Tax Credit Schedule for Withholding Tax Credit (Amendment) Partnerships Schedule for Withholding Tax Credit Schedule for Withholding Tax Credit (Amendment) Resident, Non-Resident Companies, Entities and Corporations, etc. Schedule for…

Department of Inland Revenue has published a notice (PN/IT/2020-03) on 12 February 2020 pertaining to changes proposed to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Removal of Withholding Tax (WHT) on the payments made to Resident Persons WHT on the payments made to Non-Resident Persons Revision of Income…

The government has issued a Finance (Amendment) Bill which amends section 36 of the Finance Act, No. 35 of 2018 and the legal effect of the section as amended is to terminate the levying of Debt Repayment Levy with effect from January 1, 2020. Download: English | Sinhala

The government has issued VAT (Amendment) Bill dated 10 February 2020 on recent VAT changes. Download: English | Sinhala Summary: Clause 2: This clause amends section 3 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 increase…

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 new Application Form for Tax Clearance (Outward Remittances). Download Application Form for Tax Clearance (Outward Remittances)

Department of Inland Revenue has published a notice on WHT as instructed by the Ministry of Finance. Download IRD Notice

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 circular to Banks and Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions. Download – Circular No. SEC/2020/01 [29 January 2020] Previous Circular – Circular No. SEC/2019/04 [27 December 2019]

Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 28.01.2020. Download List: PDF | Excel