Based on the cabinet decision taken on 27.03.2018, Nation Building Tax (Amendment) [Issued on 31.05.2018] is under bill stage (I,e. Subject to enacted by the parliament). to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the bill stated below. This amended is to limit the period of exemption granted to certain…
Special Commodity Levy has been imposed on Mackerel, Peas, Seeds etc and shall be valid for a period of 06 months commencing from March 08, 2018. Download – English Download – Sinhala
Eminent lawyer Dr. K. Kanag-Isvaran highlights need for Tax Ombudsman at CA Sri Lanka’s 22nd Annual Tax Oration President’s Counsel Dr. K. Kanag-Isvaran, who is one of the country’s most respected lawyers highlighted the need for a “Tax Ombudsman” in Sri Lanka while delivering the keynote speech at the 22nd Annual Tax Oration of CA…
Economic Service Charge (ESC) – ආර්ථික සේවා ගාස්තු ESC is levied under ESC Act No.13 of 2006 [as amended by the ESC (Amendment) ActNo.15 of 2007, No.11 of 2008, No.16 of 2009, No.11 of 2011, No.11 of 2012, No.6 of 2013, No. 9 of 2014, No.13 of 2015 and No.7 of 2017, respectively]. CHARHEBILITY…
New Gazette has been published for Tax exemption on Dividend under BOI by amending the paragraph (3) of the Transitional Provisions Gazette No. 2064/53. Download the Gazette for Tax exemption on Dividend under BOI – English | Sinhala
Department of Inland Revenue has published a Notice for by instructing Partnerships and Partners in a Partnership to compute the income tax payable (subject to the provisions of the IRA) for the Year of Assessment 2019/2020. Download IRD Notice PN/IT/2020-05 (06.05.2020): English | Sinhala
As per the section 195 of the Inland Revenue Act, No. 24 of 2017, “Authorized Representative” means any individual who is authorized in writing by a person to act on his behalf from time to time for the purposes of this Act and who is – (a) in any case- a member of the Institute of…
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…
Department of Inland Revenue has published notice on Deduction of Withholding Tax from Service fees and Contract Payments with effect from 01 April 2018.
Department of Inland Revenue has published a new Application Form for Tax Clearance (Outward Remittances). Download Application Form for Tax Clearance (Outward Remittances)
Foreign Exchange Bill passed in Parliament 2017-07-25 The amended Foreign Exchange Bill was passed in Parliament with a majority of 78 votes.
Further to the IRD Notice on “Voluntary Registration for VAT”, Any person who wishes to continue the VAT Registration (whose Registration is inactivated) should make submission along with following documents. Application for activation of VAT Registration Request letter which should be signed by a Director (In the case of Company) or Proprietor (Sole Proprietorship) or…
As tax season approaches in Sri Lanka, accurate data entry is critical for a smooth filing process. One of the most common administrative hurdles taxpayers and practitioners face is locating the correct Taxpayer Identification Number (TIN) for banks and finance companies. When preparing your Return of Income, you are often required to disclose specific details…
Department of Inland Revenue has published a notice as temporary arrangements to provide services during the prevailing situation in the country. Download IRD Notice No: PN/TPS/2021-03