Tax on Cumulative Income from Employment – January to March 2020 [Updated]
Notice to the Employers and Employees Deduction of Tax on Cumulative Income from Employment for the Period 01.01.2020 – 31.03.2020 As you are already informed by the Inland Revenue Department (IRD) by its notice under the reference No. PN/IT/2020 – 03 (Revised) dated 06.04.2020 published in line with the instructions issued by the Ministry of…
Tax Payments & Returns due dates – October 2020
Tax payments & Returns due dates and tax types & payment period codes for the month of October 2020 are as follows: OCTOBER 15TH Advance Personal Income Tax (APIT) for the month of September 2020 is due on October 15, 2020. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
Statement of Estimated Income Tax Return – SET
Department of Inland Revenue has published estimate Income Tax Return and Guidelines for the Y/A 2019/2020. Statement of Estimated Income Tax Payable Instructions for the Submission of Statement of Estimated Income Tax Payable
Value Added Tax (Amendment) Bill – 2022
This amendment is to increase the VAT rate from 15% to 18% per centum on supply of financial services on financial institutions with effect from January 1, 2022 and to exempt certain goods and services from VAT in order to give effect to budget proposals of 2022. Download Bill – English | Sinhala
IRD Notice on Taxpayer Registrations and Updates
Department of Inland Revenue has published a notice Taxpayer Registrations and Updates on 01.06.2020 No.: PN/TPS/2020-1. Maintaining of completed and updated taxpayer profile is helpful in complying with tax related matters and regulations without undue hassle. Moreover, obtaining the relevant services through e-Services enables you to avoid personally visiting the department on multiple occasions. It is essential…
New Double Tax Avoidance Treaty between the Government of Sri Lanka and the Government of Singapore
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…
Incorporation of foreign owned companies in Sri Lanka
Incorporation of foreign-owned companies in Sri Lanka with Registrar of Companies is temporally held until further notice (Except BOI approved companies). For more details Contact Incorporation Division 0112689208/09 – Ext 245, Direct 0112689616
Stamp Duty Return
Department of Inland Revenue has published a sample format of Stamp Duty Return. Download Stamp Duty Return
ESC Return Y/A 2019/2020
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
Foreign Exchange Bill passed in Parliament
Foreign Exchange Bill passed in Parliament 2017-07-25 The amended Foreign Exchange Bill was passed in Parliament with a majority of 78 votes.
New NBT Amendment Act out
Nation Building Tax (Amendment) Act, No. 20 of 2018 is certified by the Hon. Speaker on 30th of July, 2018 to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the Act stated below. This amended is to limit the period of exemption granted to certain liquor identified under Harmonized Commodity Description and…
Updated Circular to Withholding Agents
Department of Inland Revenue has published New Circular No. SEC/2018/06 (by withdrawing the Circular No. SEC/2018/05) to Withholding Agents – Withholding from Payment made under Section 84 and 85 of the Inland Revenue Act No. 24 of 2017
Cabinet decision by re-introducing exemptions to the VAT Act
Value Added Tax (VAT) exemption that was applicable on certain goods and services including importation of air crafts and accessories, sawn timber and fabrics and sale of condominium housing units has been removed under the Value Added Tax (Amendment) Act, No.25 of 2018. However, considering the requests made by the relevant stakeholders in these fields,…