This bill amends section 2 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to remove the Economic Service Charge from January 1, 2020. Download: English | Sinhala
INLAND REVENUE ACT, No. 24 OF 2017 Inland Revenue Act No. 24 of 2017 – English Inland Revenue Act No. 24 of 2017 – Sinhala Certified on 24th of October, 2017
The Bill to amend the VAT Act was published on August 11, 2023, and the EY Tax Alert dated September 11, 2023, highlighted the proposed changes based on this Bill. Subsequently, during its passage through Parliament, a few significant changes were made, and the Bill was finally passed in Parliament on December 11, 2023, with…
Inland Revenue Amendment Bill has been published by incorporating proposed changes to the Inland Revenue Act, No. 24 of 2017. Download – English | Sinhala
Following gazettes to be released on Budget 2019. DATE GAZETTE NO. DESCRIPTION DOWNLOAD 09-04-2019 2118/24 Luxury Tax on Motor vehicles Click here to download 04-04-2019 2117/48 Gazette Notification Issued under Excise (Special Provisions) Act to Release Vehicles Laying in Hambantota Port in 2015 – 2017 Click here to download 04-04-2019 2117/48 Application Specified in Schedule…
Department of Inland Revenue has issued a new public ruling on taxpayers who have been granted the approval to change the accounting period under the Inland Revenue Act No. 10 of 2006. Download the Public Ruling – PR/IT/2018/01
Department of Inland Revenue has published a Notice for by instructing Individuals to compute the 4th Installment Payment for the Year of Assessment 2019/2020. Download IRD Notice PN/IT/2020-04 (06.05.2020): English | Sinhala
The interest and repayment of capital under subsections (1) and (2) of section 31 of the Inland Revenue Act, No. 24 of 2017, shall be calculated as if the loan were a blended loan with interest compounded six-monthly or other period which is considered by the generally accepted accounting principles.
The Commissioner General of Inland Revenue has published a notice pertaining to changes proposed in the Budget 2021 to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Exemptions from Income Tax Tax rate changes Tax computation, deductions and qualifying payments Tax administrative measures Other proposals Tax relief measures…
Extension of Time to Remit Tax to the Inland Revenue Department Any amount (in lieu of income tax) retained by the Employees’ Trust Fund Board (ETF), any Provident Fund or Employer as per the Circular No. SEC/2020/02 of the Commissioner-General of Inland Revenue dated 18.02.2020, as tax on terminal benefits due for the retiring employees for which…
The Finance Act No. 35 of 2018 imposes Carbon Tax in the following manner; Liable Persons: Registered owner of every motor vehicle Chargeable period: Every year (other than for the first year of registration of such motor vehicle) Effective Date: January 1, 2019 Applicable Rates: Payment Due Date: On or…
Department of Inland Revenue has published a sample format of Individual Income Tax Return and Guide to filling the Return & Schedules for the Y/A 2019/2020. Download: Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [Asmt_IIT_003_E] Guide to filling the Return & Schedules – [Asmt_IIT_004_E]
The 2026 Budget introduces a series of revenue proposals aimed at broadening the tax base, creating a level playing field between local and imported products, and modernising Sri Lanka’s tax administration. This article summarises the main tax-related proposals and explains their practical impact on businesses and taxpayers. 1. VAT & SSCL on Imported Coconut Oil…
Download and run the Schedule File Verifier Tool to verify your schedules (VAT/SVAT/PAYE/WHT/CIT/IIT/PIT) before submitting to IRD via E-filing. Download Link (Version – 5.7.1) – 23 April 2021 Guide for “How to use the schedule verification tool”