PAYE Tax automatic calculator – Excel
We have developed PAYE tax automatic calculator in excel under Inland Revenue Act No. 24 of 2017. If you wish to purchase and for more details please contact us via info@lankataxclub.lk | Contact Us
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Implementation of Proposed Changes to the Inland Revenue Act No. 24 of 2017 (Amended)
Department of Inland Revenue has published an amended notice on proposed changes to the Inland Revenue Act No. 24 of 2017. Download IRD Notice on Implementation of Proposed Changes to the Inland Revenue Act, No. 24 of 2017 (PN/IT/2020-03 – [Amended])
List of VAT Inactivated persons as at 28 January 2020
Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 28.01.2020. Download List: PDF | Excel
Tax Payments & Returns – September 2020
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)…
Sutherland v Commissioner of Income Tax (CTC Volume I)
Case Overview 1. The Facts (The Story) Mr. R.W. Sutherland was the Managing Director of the Colombo Apothecaries Company Limited. 2. The Dispute The core disagreement was about how to classify this Rs. 15,750. 3. The Judgment (Held) The Court ruled in favor of Mrs. Sutherland. The payment was NOT taxable. Reasons for the Decision:…
Luxury Tax on Motor Vehicles
Ministry of Finance has issued a Government Notice on Luxury Tax on Motor Vehicles. Download Government Notice on Luxury Tax on Motor Vehicles
Legal enactment of ESC, NBT, PAL and Finance Bills
The Bills to amend the Finance Act, NBT Act, ESC Act and PAL Act were passed in Parliament and the relevant Bills were certified by the Hon. Speaker on October 12, 2020. Finance (Amendment) Act No. 2 of 2020 Terminated the levying of Debt Repayment Levy with effect from January 1, 2020 Nation Building Tax (Amendment) Act No. 3…
Guide for Income Sources (Draft) under Inland Revenue Act, No. 24 of 2018
This set of guides, which explains very briefly the main provisions of the Inland Revenue Act No. 24 of 2017 (the Act) which provide the Department’s view point of the legal provisions and guidance to the general public and the taxpayers. It is intended to issue a Manual of Income tax providing comprehensive information and…
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)…
Now e-Service is available for filing CIT, IIT & PIT Returns Y/A 2020/2021
Electronic filing facility through e-service is available for filing the Return of Income for Companies, Partnerships and Individuals. A Company or a Partnership or an Individual should have a Personal Identification Number (PIN) and also a Company or a Partnership should have a Special Staff Identity Number (SSID) or SSID numbers for e-filing. Download IRD…
Income tax exemption on interest accrued or derived from Special Deposit Account
Department of Inland Revenue has published a paper notice on income tax exemption on interest accrued or derived from Special Deposit Account. Download IRD Notice: PN/IT/2020-08 | Dated: 26.10.2020
Pay As You Earn (PAYE)/ Advance Personal Income Tax (APIT) Return and Schedules
Pay As You Earn (PAYE)/ Advance Personal Income Tax (APIT) Return and Schedules for the Y/A 2020/2021 Return Annual Statement of Employer – APIT (YA 2020/2021) Guide Instructions to Complete the Annual Statement of Employer and Schedules Schedule – PDF Schedule 01 – For Remuneration Other than and Once and for all Payments Schedule 02…
Budget 2022 Analysis
Key Tax Proposals – Imposition of New Taxes Surcharge Tax It has been proposed to introduce a Surcharge Tax at the rate of 25% on individuals or companies, whose taxable income exceeds LKR 2,000 Mn for the year of assessment 2020/2021. This proposal has been introduced as one-time tax charge to the taxpayers. Social Security Contribution It…