IRD Notice on recent NBT Amendment
Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment
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IRD Notice on recent VAT Amendment
Implementation of Changes to Value Added Tax (VAT) as passed in Parliament on 23rd October 2019 IRD Notice on recent VAT Amendment
Luxury tax on motor vehicles will not be affected for small vehicles
The below article has been published by the Ministry of Finance on 31st October 2019. Luxury tax on motor vehicles will not be affected for small vehicles. The Finance Act has been amended as proposed in the Budget 2019 by Minister of Finance Hon. Mangala Samaraweera, the tax levied on motor vehicles will only be…
New changes to Finance Act
Finance Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.Luxury Tax on Motor Vehicles The Finance Act, No. 35 of 2018 provided for the imposition of a Luxury Tax on Motor Vehicles on every specified motor vehicle. The definition of specified motor vehicle has been…
New amendments to NBT Law
NBT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.New Exemptions 1.1 Importation of any project related article by a BOI enterprise Importation of any project related article by an enterprise which has entered into an agreement with the BOI of Sri Lanka under section…
New amendments to VAT Law
VAT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker 1.Supply of residential accommodation Effective from April 1, 2019, the supply of condominium housing is liable to VAT unless exempted. Exemptions a)The supply of a condominium housing unit of a condominium housing project and the maximum…
Cabinet Decision taken on certain Taxes on 2019-10-15
Betting and Gaming Levy (Amendment) Bill – The proposal made by the Minister of Finance to publish the draft (Amendment) Bill for the amendment of the Betting and Gaming Levy Act, No.40 of 1988 prepared by the Legal Draftsman in the Government Gazette for increasing the Annual Levy from Rs.200 million to Rs.400 million, for…
NBT Return submission due date extended
Submission of Nation Building Tax (NBT) Return has been allowed up to 25 October 2019 and the same would be considered as duly submitted. IRD Notice
Income Tax Guide (Partnerships) – Year of Assessment 2018/2019
Department of Inland Revenue has published Guide to Partnerships Tax Return of Income – Year of Assessment 2018/2019. Download English Guide
Income Tax Guide (Individuals)- Year of Assessment 2018/2019
Department of Inland Revenue has published Guide to Individuals Tax Return of Income – Year of Assessment 2018/2019. Download English Guide Download Sinhala Guide
Income Tax Guide (Company)- Year of Assessment 2018/2019
Department of Inland Revenue has published Guide to Corporate Tax Return of Income – Year of Assessment 2018/2019 Download English Guide Download Sinhala Guide
Income Tax Returns & Guides – Y/A 2018/2019
Returns of Income – Year of Assessment 2018/2019 Individuals Return of Income Schedules to Return of Income Statement of Assets and Liabilities Guide to filling the Return & Schedules Partnerships Statement of Partnership Income Schedule to Statement of Partnership Income Guide to fill the statement of partnerships income and schedules Resident, Non-Resident Companies, Entities and…
Circular on Paying of Value Added Tax (VAT) to the Suppliers
Departments of Inland Revenue has published a circular on paying of Value Added Tax (VAT) to the suppliers. Download
Amendment to the Finance Act, No. 35 of 2018
Download English| Sinhala Finance Bill to amend the Finance Act, No. 35 of 2018; to provide for the imposition of a Foreign Commercial Transactions Levy; and to provide for the matters connected therewith and incidental thereto.