The National Customs Tariff is a Guide to compute all the taxes or levies payable on goods (commodities) imported. It is a publication of such taxes stipulated under various Acts and Enactments, consolidated in to one book for ease of reference, both by the Customs Officials as well as the general public. The following taxes…
All foreign exchange transactions were governed by the Exchange Control Act, No. 24 of 1953 and regulations and directives issued under such Act. On 25 July 2017, the Parliament passed the Foreign Exchange Act. This new Act which is yet to receive the certification of the Speaker has been analysed by us based on the Foreign…
Join EY’s 20th Post Budget Conference 2020 LIVE on Microsoft TEAMS. To receive the event invite send your joining instructions here: https://cvent.me/7kWk94 FREE ENTRANCE / REGISTRATION
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
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…
Summary Section 22 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to specify the base for charging the service charge for importation of motor vehicles. Schedule IV of the principal enactment and the legal effect of the section as amended is to specify…
Ministry of Finance has published New Gazette on VAT changes with effect from 1 December 2019. Download Gazette 2151/52 – English Download Gazette 2151/52 – Sinhala
Department of Inland Revenue has published notice by providing further instructions in addition to the notice published on 08.04.2020 (No. PN/PMT/2020-1) on Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility, by considering some practical issues encountered by the taxpayers. Download IRD Notice No.: PN/PMT/2020-3 | Dated: 14.05.2020
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…
Tax payments & Returns due dates and tax types & payment period codes for the month of July 2021 are as follows: JULY 15TH Advance Personal Income Tax (APIT) for the month of June 2021 is due on July 15, 2021. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
This set of guides, which explains very briefly the main provisions of the Inland Revenue Act No. 24 of 2017 (the Act) which provide the Department’s view point of the legal provisions and guidance to the general public and the taxpayers. It is intended to issue a Manual of Income tax providing comprehensive information and…
Department of Inland Revenue has published a notice as temporary arrangements to provide services during the prevailing situation in the country. Download IRD Notice No: PN/TPS/2021-03
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
Penalties for failure to file a return on time as provided in IRA will not be imposed, where the Return of Income for the Year of Assessment 2019/2020 is furnished on or before February 28, 2021. Download IRD Notice No. PN/IT/2020-09 | Dated: 03 November 2020