The new amendment to Ports and Airports Development Levy Act on rate revision. The key revisions are as follows; Items subject to a rate of 2.5%, will be subject to an increased rate of 5%; Items subject to a rate of 5%, will be subject to an increased rate of 7.5%; Specified items will be exempted…
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 /…
Department of Inland Revenue has suspended Tourist VAT Refund scheme until further notice. Refer to the notice below. Special Notice on Tourist VAT Refund Scheme
To adhere the current situation prevailing in the country, Central Document Management Unit (CDMU) of IRD has instituted few steps to receiving the documents (Returns, Appeals, Objections, etc.) from taxpayers. Download IRD Notice No. PN/TPS/2020-4 | Dated: 12 Oct 2020
As instructed by the Ministry of Finance and approved by the Cabinet of Ministers, NBT has been abolished with effect from December 01, 2019, pending parliamentary approval for amendment to the Nation Building Tax Act, No. 9 of 2009. However, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in…
Download – Public Ruling – PR/IT/2018/02 (10/05/2019) Department of Inland Revenue has published public ruling on deducting of Withholding Tax from the service provided by individuals. If the monthly payment exceeds Rs. 50,000/-, WHT should be deducted on the total amount Similar services and similar services or connected work – Include only services which are similar…
Department of Inland Revenue has published a Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019. Download – Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019
Tax payments & Returns due dates and tax types & payment period codes for the month of February 2021 are as follows: FEBRUARY 15TH Corporate Income Tax (CIT) 3rd Instalment for the Y/A 2020/2021 is due on February 15, 2021. Tax Type: 02 Period Code: 20213 Individual Income Tax (IIT) 3rd Instalment for the Y/A 2020/2021 is…
Taking into account of the prevailing situation in the country, the validity period of all VAT Active Certificates (which are expiring on or after October 01, 2020) issued by the Inland Revenue Department to the VAT registered persons are extended until December 31, 2020. Download IRD Notice No. PN/TC/2020-07 | Dated: 02 November 2020
Department of Inland Revenue has published updated VAT Inactive List as at 20-02-2019. Download Inactive VAT List as at 20-02-2019
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]
Taking in to account the prevailing situation in the country, the Department of Inland Revenue has published a notice by specifying a temporary arrangement to obtain Tax Residency Certificates (TRC). Download IRD Notice
Compound Stamp Duty is required to make the payment and submit the return for the quarter ending March 31, 2020, on or before April 15, 2020. However, due to the prevailing situation of the country, such payment and submission of Stamp Duty Return for the above period have been allowed up to 30th April 2020….
Gazette on the Services are prescribed for the purpose of subparagraph (v) of paragraph (a) of subsection (1) of section 85, as being the services rendered with a source in Sri Lanka and is paid to a resident individual.