National Insurance Trust Fund (NITF) has published a notice on Crop Insurance levy for the Quarter ended 31 March 2020. Due to the current situation of the Country (COVID-19), NITF has requested to make payment online (fund transfer) and send the duly filled Return via email (Refer the attached notice for more details). Download the Notice…
IT is hereby notified under Section 97(1)(b) of the Inland Revenue Act, No. 10 of 2006, that the bilateral Agreement for affording relief from double taxation and prevention of fiscal evasion, entered into on 03.04.2014 between the Government of the Democratic Socialist Republic of Sri Lanka and the Government of the Republic of Singapore, has…
1. Income Tax (Amendments to the Inland Revenue Act, No. 24 of 2017 1.1 Tax Payable by Withholding (a) A special tax return requirement will be introduced for the deduction of 2.5% withholding tax levied on the sale price of any gem sold at an auction conducted by the National Gems and Jewellery Authority. Exemption…
Minister of Finance, Economic and Policy Development has issued a gazette notification under the following; The Special Import License and Payment Regulations No. 1 of 2011 published by the Gazette Extraordinary No. 1739/3 dated January 02, 2012 is amended hereby removing the Regulation 3(1) b, 3(1) c, 11 and 12. Sri Lanka Customs and Commercial…
Ministry of Finance has issued a Government Notice on Luxury Tax on Motor Vehicles. Download Government Notice on Luxury Tax on Motor Vehicles
Download the document published by IRD IRD has published a document for Values of Non Cash Benefits for the purpose of PAYE. Non Cash Benefits can be categorized mainly into four as follows; Value of Company shares awarded by Employer . Value of benefits from any residence provided by the Employer Value of Transport…
Department of Inland Revenue has published a paper notice on income tax exemption on interest accrued or derived from Special Deposit Account. Download IRD Notice: PN/IT/2020-08 | Dated: 26.10.2020
The IRD has informed that the taxpayers who had e-Filed the Return of Income for the last Year of Assessment (2018/ 2019), should e-File their Returns of Income for this year. Further, Returns of Income of such taxpayers have neither been printed nor posted for manual submission. IRD highly promotes all other taxpayers as well…
The return of Nation Building Tax (NBT) for Quarter ended with December 31, 2019, is required to furnish on or before January 20, 2020. Accordingly, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in the preparation for sale and his/its liable turnover exceeds twenty-five million (Rs. 25 Mn,)…
Nation Building Tax (NBT) [Amendments to the Nation Building Tax Act, No.9 of 2009] The exemption on the importation of rough unprocessed gem stones for re-export after cutting and polishing will be granted for the lapidary service providers registered under the National Gem & Jewellery Authority. Exemption on manufacturing cigarettes will be removed The cost…
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….
This bill amends section 2 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to remove the Economic Service Charge from January 1, 2020. Download: English | Sinhala
Department of Inland Revenue has published a paper notice by informing that the Alternative Tax Payment System (ATPS) which was introduced temporarily due to the Covid – 19 pandemic situation will be discontinued effect from March 31, 2021. However, tax payment could be made, Through Online Tax Payment Platform (OTPP) or (For further information, visit…