Notice to Taxpayers: Beware of Fraudulent Activities
The Inland Revenue Department (IRD) of Sri Lanka has issued an important notice to all taxpayers regarding the recovery of outstanding taxes. This notice highlights a serious issue that has recently come to light and provides crucial guidance for all taxpayers to ensure their safety and proper compliance with tax regulations. Key Information The IRD…
Public ruling on calculating an Individual’s Income of Employment – PR/IT/2019/02
Department of Inland Revenue has published new public ruling guidance with regard to the application of excluded items in paragraph (c) of Subsection (3) of section 5 of the Inland Revenue Act, No. 24 of 2017, in the event of calculating an Individual’s Income of Employment. Download Public Ruling PR/IT/2019/02
Extension for VAT Deferment Facility
Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended up to February 28, 2021. Download IRD Notice: PN/VAT/2020-14 | Dated: 30.12.2020
MBA in Taxation (PIM-USJP) – Applications are closing on 03rd June 2022
Apply Online: Link (Applications are closing on 03rd June 2022) Visit PIM MBA in Taxation programme page: Click here Who Can Apply Eligibility to apply for admission to the MBA-T Degree programme is determined according to the following criteria: One of the following qualifications: A Bachelor’s Degree, from a recognized university with at…
No more VAT on importation of Woven Fabrics
Value Added Tax shall be charged at zero rate (0% ) on the importation or supply of imported goods specified under H. S. Code and description published in the Gazette No. 2095/20. Download Gazette : English | Sinhala
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.
Stamp Duty Return NOW online
Stamp duty Return can be submitted through e-Service (RAMIS) w.e.f. 01 October 2020 (for Q3 of the year 2020, Period from 1 July 2020 to 30 September 2020). Download Stamp Duty Quick Guide
New schedule file Verifier Tool
Schedule File Verifier – Version: 3.7.4 Department of Inland Revenue has issued new version of schedule file verification tool to verify schedules (VAT/SVAT/PAYE/WHT) and submit via E-filing.
Tax Payments & Returns due dates in the month of February 2021
Tax payments & Returns due dates and tax types & payment period codes for the month of February 2021 are as follows: FEBRUARY 15TH Corporate Income Tax (CIT) 3rd Instalment for the Y/A 2020/2021 is due on February 15, 2021. Tax Type: 02 Period Code: 20213 Individual Income Tax (IIT) 3rd Instalment for the Y/A 2020/2021 is…
WHT Return Format and Updated WHT Schedules
Department of Inland Revenue has published updated WHT Schedules which are applicable form the Y/A 2019/20 onwards. WHT Return Format for the Y/A 2019/2020 Statement of Withholding Tax – Y/A 2019/2020 Guidelines to Fill the Statement of Withholding Tax Schedules to Withholding Tax Return Original Schedules Schedule 1 – Withholding Tax Deduction from Interest /…
“Tax Clearance Certificate” is not required for certain remittances
Download Circular Department of Inland Revenue has published a Circular to Commercial Banks and specialized Banks – Remittances which are not required to obtain a “Tax Clearance Certificate” to proceed the payment through a Banks [Circular No. SEC/2018/03_29 March 2018]
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
Extension for Stamp Duty Payment and Return
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….