Stamp Duty Return NOW online
Stamp duty Return can be submitted through e-Service (RAMIS) w.e.f. 01 October 2020 (for Q3 of the year 2020, Period from 1 July 2020 to 30 September 2020). Download Stamp Duty Quick Guide
Read More
Corporate Income Tax Return and Guide – YA 2019/2020
Department of Inland Revenue has published a sample format of Corporate Income Tax Return and Guide to filling the Return & Schedules for the Y/A 2019/2020. Download: Return of Income – [Asmt_CIT_001_E] Schedules to Return of Income – Part A – [Asmt_CIT_002A_E] Schedules to Return of Income – Part B – [Asmt_CIT_002B_E] Guide to Corporate…
Individual Income Tax (IIT) Return and Guide – Y/A 2019/2020
Department of Inland Revenue has published a sample format of Individual Income Tax Return and Guide to filling the Return & Schedules for the Y/A 2019/2020. Download: Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [Asmt_IIT_003_E] Guide to filling the Return & Schedules – [Asmt_IIT_004_E]
Tax Payments & Returns – September 2020
Tax payments & Returns due dates and tax types & payment period codes for the month of September 2020 are as follows: SEPTEMBER 15TH Advance Personal Income Tax (APIT) for the month of August 2020 is due on September 15, 2020. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
New Acts to be released on ESC, NBT, PAL and Debt Repayment Levy
The government has reissued ESC, NBT, PAL & Finance (DRL) Bills since which are published earlier lapsed due to the dissolution of parliament. Amendment to Economic Service Charge Act, No. 13 of 2006 – To remove the Economic Service Charge from January 1, 2020. Download English | Sinhala Bill Amendment to Nation Building Tax Act,…
President removes tax imposed on gem and jewelry industry
Rs. 1 million loan facility at 4% interest rate for jewelry manufacturers. President Gotabaya Rajapaksa decides to remove the 14% income tax imposed on the profit earned by the gem and jewelry manufacturers and the 15% tax on gold imports. The income tax concession given to the gem and jewelry industry since 1971 was done…
Amendment of Tax Legislation – Policy Measures for Economic Revival
Followed by a proposal made by H.E the President, the approval of the Cabinet was granted at its meeting held on the 2019‑11‑27 for the introduction of a simple, transparent and efficient tax system to all the stakeholders in the economy including consumers, working population, entrepreneurs and tax paying community. Morefully, the Government has also…
APIT should be deducted by employer from Non-Citizens regardless of their consent w.e.f. 01 April 2020
As per the paper notes published by IRD on 11.08.2020 (PN/APIT/2020 – 03), w.e.f. April 01, 2020, APIT (PAYE) should be deducted by employer from All non-resident employees and all resident but non-citizen employees regardless of their consent. Download IRD Notice: PN/APIT/2020-03 | 11.08.2020
Further Instructions to Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility
Further Instructions to Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility Further to the notices published on the above subject on 8th April 2020 PN/PMT/2020-1 and on 14th May 2020 PN/PMT/2020-3 the below instructions should be adhered when doing payments using online facilities provided by commercial banks. Only use the online payment facility to…
Tax Payments & Returns – August 2020
Tax payments & Returns due dates and tax types & payment period codes for the month of August 2020 are as follows: Advance Personal Income Tax (APIT) for the month of July 2020 is due on August 14, 2020 (Since August 15 falls on a holiday) – Individual who has already given the consent to…
Further extension on VAT Deferment Facility & Temporary Registration
Department of Inland Revenue has published a public notice by amending the public notice number PN/VAT/2020-09 issued on 29.06.2020 as follows. VAT Deferment Facility on Imports at the Customs/BOI Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended…
Tax Payments & Returns – July 2020
Tax payments & Returns due dates and payment period codes for the month of July 2020 are as follows: Advance Personal Income Tax (APIT) for the month of June 2020 is due on July 15, 2020. Tax Type: 03 Period Code: 20060 WHT / AIT on Interest for the month of June 2020 is due…
Statement of Estimated Income Tax Payable – Year of Assessment 2020/2021
Department of Inland Revenue has published followings on Estimated Income Tax Payable – Year of Assessment 2020/2021 which is due on August 15, 2020. Statement of Estimated Income Tax Payable [Set_E] Instructions for Completing the Statement of Estimated Tax
WHT Return Format and Updated WHT Schedules
Department of Inland Revenue has published updated WHT Schedules which are applicable form the Y/A 2019/20 onwards. WHT Return Format for the Y/A 2019/2020 Statement of Withholding Tax – Y/A 2019/2020 Guidelines to Fill the Statement of Withholding Tax Schedules to Withholding Tax Return Original Schedules Schedule 1 – Withholding Tax Deduction from Interest /…