The Department of Inland Revenue has now published in their website, the Withholding Tax Returnand Guidelines applicable for the year of assessment 2018/2019, in terms of the provisions in the Inland Revenue Act No. 24 of 2017 and the Circular No. SEC/2018/06 published on 18 April 2018. Withholding Tax Return Guidelines to Fill the Statement…
The Excise (Amendment) Act, No. 4 of 2018 shall come into operation with effective on April 1, 2018. Excise (Amendment) Act, No. 4 of 2018 – Download English Excise (Amendment) Act, No. 4 of 2018 – Download Sinhala Section 15 of the Excise Ordinance (Chapter 52) is hereby amended by the repeal of paragraphs (b) and…
Employment income is an essential component of taxation, representing the total gains and profits derived from an individual’s employment. This includes all remuneration received in cash or kind from an employer as compensation for services rendered. For the year of assessment (Y/A) 2023/2024 in Sri Lanka, employment income plays a pivotal role in calculating the…
The Inland Revenue Department (IRD) of Sri Lanka has issued an important notice to all taxpayers regarding the recovery of outstanding taxes. This notice highlights a serious issue that has recently come to light and provides crucial guidance for all taxpayers to ensure their safety and proper compliance with tax regulations. Key Information The IRD…
Exemption and concessionary rate of 2.5% for Ports and Airports Development Levy on import of each article specified in the gazette (Attached).
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)…
The Excise Notification No. 994 published in the Gazette Extraordinary No. 1998/7 dated 20 December 2016 is hereby rescinded and amend the Excise Notification No. 992 published in the Gazette Extraordinary, No. 1997/16 dated 15.12.2016 by substitution of Schedule I of the Excise Notification No. 1004 with effect from 01 January 2018. Excise Notification No. 1004 – Annual…
Individuals other than who are in employment Resident employee who has furnished the Primary Employment Declaration* to Employer (Employee who is Resident & Citizen / Non-Citizen) Employee who is Non-Resident and Non-Citizen Any employee who has not furnish the primary employment declaration, or any employee employed under more than one employer * Primary Employment Declaration Form Every…
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,)…
📌 Employment, Business, Investment Incomes, Qualifying Payments and Reliefs, Tax Credits 📌 Date & Time: 27 September 2023 (Tomorrow) at 8:00PM 📌 Investment: LKR 500/- 📌 Limited Zoom seats are available! 📌 Hurry Up! Register Soon! 📌 Registration Link: https://forms.gle/p3BCrwmizqpC3Mku7 Please make the payment LKR 500/= to Lanka Tax Club bank account mentioned below: Name:…
Tax payments & Returns due dates and tax types & payment period codes for the month of April 2021 are as follows: APRIL 15TH Advance Personal Income Tax (APIT) for the month of March 2021 is due on April 15, 2021. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
PAYE, WHT, ESC, Stamp Duty, VAT on FS Interim Estimate & Transfer Pricing Disclosure Form Department of Inland Revenue has published a paper notice (PN/Tax Return/2020-01) by extending the following due dates of Tax Returns submission. Annual Declaration of Employer (PAYE Return) for the Y/A 2019/2020 is due on April 30, 2020 Annual Declaration of Employer…
Department of Inland Revenue has published Advance Personal Income Tax (APIT) Tables for the Y/A 2020/2021. Index: Index Table – 1: [Monthly Tax deductions from regular profits] How to apply Table 1 Table 1 Table – 2: [Rates for the deduction of tax from Lump-sum-payments] How to apply Table 2 Table – 3: [Rates for the…
In line with the directions issued by the Presidential Secretariat on March 23, 2020 to provide relief measures due to Covid 19 outbreak, the Department of Inland Revenue has published a paper notice on Withholding Tax (WHT) Payments for the Months of February and March 2020. Withholding agents and withholdees who are liable to make the payments…