License Fee for Toddy Tapping
Section 25, read together with Section 32 of the Excise Ordinance (Chapter 52), as amended with the license fees for toddy tapping with effect from April 16, 2018.
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IRD Notice on Tax proposals announced in the Budget – 2021
The Commissioner General of Inland Revenue has published a notice pertaining to changes proposed in the Budget 2021 to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Exemptions from Income Tax Tax rate changes Tax computation, deductions and qualifying payments Tax administrative measures Other proposals Tax relief measures…
NBT Return submission due date extended
Submission of Nation Building Tax (NBT) Return has been allowed up to 25 October 2019 and the same would be considered as duly submitted. IRD Notice
Distribution of dividend out of dividend received prior to 01 April 2018
Any dividend paid to be shareholder of any company prior to April 01, 2019, out of any such dividend received by that company from any other company on which WHT 10% had been deducted prior to April 01, 2018 in accordance with the provisions of the Inland Revenue Act, No. 10 of 2006, such dividend…
Updated Economic Activity Codes List
Department of Inland Revenue has published the list of Economic Activity Codes proposed for the purpose of Profile Update of Taxpayer’s, Principal Activity of Business. Click here to Download PDF version Click here to Download EXCEL version
Cabinet Decision taken on certain Taxes on 2019-10-15
Betting and Gaming Levy (Amendment) Bill – The proposal made by the Minister of Finance to publish the draft (Amendment) Bill for the amendment of the Betting and Gaming Levy Act, No.40 of 1988 prepared by the Legal Draftsman in the Government Gazette for increasing the Annual Levy from Rs.200 million to Rs.400 million, for…
Gazette on New VAT Rate 12% w.e.f. 01 June 2022
Minister of Finance has published a gazette notification on VAT rate change on the following. Order declares that : The Value Added Tax shall be charged ; On import of goods set out in the H. S. Code and description specified in Column I and II of Schedule of the Extraordinary Gazette Notification No. 2095/20…
List of VAT Inactivated persons as at 30 January 2020
Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 30.01.2020. Download List: PDF | Excel
New changes to Finance Act
Finance Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.Luxury Tax on Motor Vehicles The Finance Act, No. 35 of 2018 provided for the imposition of a Luxury Tax on Motor Vehicles on every specified motor vehicle. The definition of specified motor vehicle has been…
Budget 2026 – Key Revenue Proposals and What They Mean for You
The 2026 Budget introduces a series of revenue proposals aimed at broadening the tax base, creating a level playing field between local and imported products, and modernising Sri Lanka’s tax administration. This article summarises the main tax-related proposals and explains their practical impact on businesses and taxpayers. 1. VAT & SSCL on Imported Coconut Oil…
Online Tax Payment Platform (OTPP)
Inland Revenue Department (IRD) has introduced an Online Tax Payment Platform (OTPP) with effect from 08.02.2020, in addition to the existing tax payment methods to make tax payment with the collaboration of below mentioned banks. In addition to the banks initially interfaced with IRD for this purpose, People’s Bank also provide OTPP facility and in…
Proposed Tax Reforms 2022
Prime Minister’s Media Division has published Proposed Tax Reforms in 2022 which are effective from 01 October 2022 other than the following: VAT Rate change from 8% to 12% Telecommunication Levy change from 11.25% to 15% Download the details version of the proposed Tax Reforms in 2022
IRD temporary arrangements on COVID-19
Taking in to account the prevailing situation in the country, the Department of Inland Revenue has published attached notice as temporary arrangements to continue their services through e-Services/e-Mails/telephone. Download IRD Notice No: PN/TPS/2020-2 | Dated: 07 Oct 2020