Lanka Tax Club

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

Central Bank of Sri Lanka published on 19 March 2020 The Central Bank of Sri Lanka introduces Urgent Measures to Ease the Pressure on the Exchange Rate and Prevent Financial Market Panic due to the COVID-19 Pandemic. As per the provisions of the Monetary Law Act No. 58 of 1949, the Banking Act No. 30…

Tax Payments & Returns due dates in the month of November 2021 Tax payments & Returns due Tax Payments & Returns due dates in the month of November 2021 dates and tax types & payment period codes for the month of November 2021 are as follows: NOVEMBER 15TH Advance Personal Income Tax (APIT) for the…

Tax payments & Returns due dates and tax types & payment period codes for the month of September 2020 are as follows: SEPTEMBER 15TH Advance Personal Income Tax (APIT) for the month of August 2020 is due on September 15, 2020. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…

New Regulations made under Economic Service Charges Act, No. 13 of 2006 Download – English Download – Sinhala Download – Tamil  

Implementation of Changes to Value Added Tax (VAT) as passed in Parliament on 23rd October 2019 IRD Notice on recent VAT Amendment

This is to provide for the imposition of a special goods and services tax, in lieu of the sums chargeable on such specified goods and services by way of tax, duty, levy, cess or any other charge imposed by law; to promote self-compliance in the payment of taxes in order to ensure greater efficiency in…

New amendment to the NBT Act. Download – English Download – Sinhala Summary This clause amends section 3 of the Nation Building Tax Act, No. 9 of 2009 (hereinafter referred to as the “principal enactment”) and the legal effect of the section as amended is to limit the period of exemption granted to certain cigarettes…

WHT Annual Statement – Year of Assessment 2018/2019 is due on April 30, 2019 which is required to submit together with applicable WHT schedules. IRD has published “Updated Schedule File Verifier Tool” in order to verify the WHT schedules applicable under new IRA. Click on below link to Download and run the Updated Schedule File…

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.

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….

Department of Inland Revenue has published amended notice on Implementation of Changes to Value Added Tax (VAT) Act (click here to download)  as amended by the Value Added Tax (Amendment) Act, No. 25 of 2018, As instructed by the Ministry of Finance and Mass Media, a policy decision has been taken to continue the exemption on…

Followed by a proposal made by H.E the President, the approval of the Cabinet was granted at its meeting held on the 2019‑11‑27 for the introduction of a simple, transparent and efficient tax system to all the stakeholders in the economy including consumers, working population, entrepreneurs and tax paying community. Morefully, the Government has also…