Lanka Tax Club

The Commissioner General of Inland Revenue has published a Gazette notification specifying the Capital gain tax return and schedules to be furnished by any person in respect of income consisting of a gain from the realization of an investment asset under Subsection (4) of Section 93 of the Inland Revenue Act, No. 24 of 2017.

      Apply Online: Link (Applications are closing on 03rd June 2022) Visit PIM MBA in Taxation programme page: Click here Who Can Apply Eligibility to apply for admission to the MBA-T Degree programme is determined according to the following criteria: One of the following qualifications: A Bachelor’s Degree, from a recognized university with at…

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

Department of Inland Revenue has published notice on Implementation of Changes to Value Added Tax (VAT) on Healthcare Services as published in the Extraordinary Gazette. As per the Extraordinary Gazette notification No. 2076/06 dated 2nd July 2018, for any period from 2nd July 2018, value of supply of Healthcare Services should comprise only the Hospital…

Ministry of Finance has issued a Gazette by amending the Finance (Teledrama, Film and Commercials Levy) Regulations, No. 1 of 2017, published in the Gazette Extraordinary No. 2044/21 of November 07, 2017. Download Gazette: 2168/9

Department of Inland Revenue has published circular to Banks and Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions. Download – Circular No. SEC/2020/01 [29 January 2020] Previous Circular – Circular No. SEC/2019/04 [27 December 2019]

Section 2 of the Special Commodity Levy Act, No. 48 of 2007, impose in respect of the list of commodities specified in Column I of the Schedule hereto, a Special Commodity Levy at the rates specified in the corresponding entries in Column II of the Schedule in the attached gazette above. This Order shall be valid…

Department of Inland Revenue has published a sample ESC Return format for the Y/A 2019/2020. Download ESC Return Guide to Filling the Economic Service Charge (ESC) Return  

Submission of Transfer Pricing Disclosure Form For the Year of Assessment 2018/2019 Inland Revenue Department has published notice by extending the due date of the Transfer Pricing Disclosure Form up to 31st March 2020. IRD Notice on TPDF Extension

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

Employers are required to issue all employees details of the tax deductions made during the year in the Certificate of Tax Deduction (T 10 form), before the expiry of the 30th day of April in the following year (30 April 2018). Certificate of Income Tax Deductions – (P.A.Y.E./T.10 (new)) Certificate of Income Tax Deductions – Under Section…

Department of Inland Revenue has published Specimen and Guide to filling the Income Tax Return – Y/A 2017/2018 Individuals Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [IIT_4R_3(3)_E] Guide to filling the Return & Schedules – [IIT_IR14_E] Tax Calculator (For Taxpayer calculation purpose only) Partnerships Return of…

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