A new amendment to the VAT Act. Download – English Download – Sinhala Summary; This clause amends section 6 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 make provisions to determine the value of goods…
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…
Tax payments & Returns due dates and tax types & payment period codes for the month of October 2020 are as follows: OCTOBER 15TH Advance Personal Income Tax (APIT) for the month of September 2020 is due on October 15, 2020. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
As per the section 195 of the Inland Revenue Act, No. 24 of 2017, “Authorized Representative” means any individual who is authorized in writing by a person to act on his behalf from time to time for the purposes of this Act and who is – (a) in any case- a member of the Institute of…
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
As per the paper notice published by the Department of Inland Revenue, the following banks are providing online banking facility under OTPP at present: Bank of Ceylon People’s Bank Commercial Bank of Ceylon PLC Sampath Bank PLC National Saving Bank Nations Trust Bank National Development Bank Download IRD Notice: PN/PMT/2021-04 | Dated 08.06.2021
Value Added Tax (VAT) on imported fabric has reduced by 10% and relevant notice published by Customs is now available : Download. Visit: Latest Customs changes
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…
Notice published by the Ministry of Finance on 06 August 2019 Although the Central Bank has reduced the rates for deposits maintained in commercial banks, the special interest rate of 15% offered by the Government for senior citizens have not been changed. There is no truth in the media reports published by different media saying…
Circular No. SEC/2023/E/03, issued on May 9, 2023, provides guidance on the calculation of Income Tax payable for the year of Assessment starting from April 1, 2022. The circular, published by the Inland Revenue Department of Sri Lanka, aims to assist taxpayers in understanding the process and requirements for determining their income tax liability. It…
Taking into account the prevailing situation in the country due to the outbreak of Covid-19 virus, the Inland Revenue Department has taken the following steps to extend the project duration for SVAT purposes and to issue VAT registration (temporary and permanent). Extension of the project period in terms of section 22(7) of the Value Added…
The Finance Act No. 35 of 2018 imposes Carbon Tax in the following manner; Liable Persons: Registered owner of every motor vehicle Chargeable period: Every year (other than for the first year of registration of such motor vehicle) Effective Date: January 1, 2019 Applicable Rates: Payment Due Date: On or…
Circular to Commercial Banks and Specialized Banks – Furnishing of Tax Clearance Certificate to Banks Circular No. SEC/2017/05 [16 November 2017]
