Lanka Tax Club

Department of Inland Revenue has published notice by providing further instructions in addition to the notice published on 08.04.2020 (No. PN/PMT/2020-1) on Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility, by considering some practical issues encountered by the taxpayers. Download IRD Notice No.: PN/PMT/2020-3 | Dated: 14.05.2020

Updated Primary Employment Declaration Form – Added separate line for “Employee NIC/Passport No.” Every employee is required to furnish Primary Employment Declaration Form, to the employer nominating his primary employment under New IRA. A declaration must be signed and dated by the employee and the employer, and may relate to one or more years of assessment….

Following changes are going to be incorporated to Value Added Tax Act, No. 14 of 2002; Amendments to Section 22 –  Local sale of certain garments by export oriented companies Amendments to Section 25A – Sri Lanka Deposit Insurance Scheme Amendments to Section 25C – To limit the taxable period New section 58A – Refund of tax…

Updated : December 5, 2018 Section 58A which relating to the Tourist VAT Refund Scheme (TVRS) shall come into operation from September 11, 2018 under the Value Added Tax Act, No. 14 of 2002 amended by the Value Added Tax (Amendment) Act, No. 25 of 2018. Gazette for effective date of Tourist VAT Refund Scheme (TVRS)…

Department of Inland Revenue has published a Quick Guide for “How to file Individual Income Tax (IIT) Return”. Download IIT Quick Guide

The government has reissued ESC, NBT, PAL & Finance (DRL) Bills since which are published earlier lapsed due to the dissolution of parliament. Amendment to Economic Service Charge Act, No. 13 of 2006 – To remove the Economic Service Charge from January 1, 2020. Download English | Sinhala Bill Amendment to Nation Building Tax Act,…

IRD has published updated (25.06.2018) document for Values of Non Cash Benefits for the purpose of PAYE. Non Cash Benefits can be categorized mainly into four as follows; Value of Company shares awarded by Employer . Value of benefits from any residence provided by the Employer Value of Transport Facilities provided by the Employer Other…

A new guideline has been prepared for the period from 01.01.2020 to 31.03.2020 and uploaded in the IRD web portal of the Department (Link) to provide instructions to the employers to deduct Withholding Tax under the PAYE Scheme, as instructed by the Ministry of Finance, (subject to formal amendment to the Inland Revenue Act, No….

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…

The Colombo Port City Economic Commission Act was passed in Parliament on the 19th of May 2021 and is pending certification by the Speaker. Download EY Analysis of Colombo Port City Economic Commission Act. Colombo Port City Economic Commission Act – English

The government has issued a Finance (Amendment) Bill which amends section 36 of the Finance Act, No. 35 of 2018 and the legal effect of the section as amended is to terminate the levying of Debt Repayment Levy with effect from January 1, 2020. Download: English | Sinhala

New Gazette on International Telecommunications Operators Levy (Imposition) Regulations No. 01 of 2010. Gazette Notification No. 2123/19 – English | Sinhala