Lanka Tax Club

Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment

Returns of Income – Year of Assessment 2018/2019 Individuals Return of Income Schedules to Return of Income Statement of Assets and Liabilities Guide to filling the Return & Schedules Partnerships Statement of Partnership Income Schedule to Statement of Partnership Income Guide to fill the statement of partnerships income and schedules Resident, Non-Resident Companies, Entities and…

Department of Inland Revenue has amended the public notice (No. PN/VAT/2020-03) issued on 26-03-2020 as follows: VAT Deferment Facility on Imports at the Customs/BOI 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 extended up to 30th June,…

Telecommunications Regulatory Commission has issued a letter on 09 November 2018 by confirming the rate reduction from 25% to 15% with effective from 10 November 2018 and requested to implement from all telecommunication service providers. Download Letter

Tax payments & Returns due dates and tax types & payment period codes for the month of January 2021 are as follows: JANUARY 15TH Advance Personal Income Tax (APIT) for the month of December 2020 is due on January 15, 2021 – Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax…

This is an IRD notice about corruption at the Inland Revenue Department (IRD). It discusses the measures taken to reduce corruption, including a zero-tolerance policy, a variety of ways to report corruption, and protection for whistleblowers. This notice also emphasizes the importance of taxpayer honesty. Download IRD Notice: PN/OT/2023-01

Department of Inland Revenue has published a paper notice by taking into account of the prevailing situation in the country, all Divisional Secretaries and Liquor License Holders are informed to treat that the validity period of all Temporary Tax Clearance Certificates relating to liquor licenses (which will be expired before June 30, 2020) issued by…

A new amendment to the VAT Act. Download – English Download – Sinhala Summary; This clause amends section 6 of the Value Added Tax Act, No. 14 of 2002 (hereinafter referred to as the “principal enactment”), and the legal effect of that section as amended is to make provisions to determine the value of goods…

Supply of residential accommodation by way of sale of Condominium housing unit by any person is exempt from VAT with effect from December 01, 2019. Accordingly, VAT is not applicable on the sale of condominium Housing Unit with effect from December 01, 2019, subject to formal amendment to the Value Added Tax Act No. 14…

Department of Inland Revenue has issued a circular on Guideline for Employees Trust Fund (ETF), all Provident Funds & all Employers – Circular No. SEC/2020/02 [18 February 2020] Download Circular No. SEC/2020/02

Department of Inland Revenue has published circular to all Financial Institutions – Imposition of Debt Repayment Levy under the Finance Act No. 35 of 2018 [24 June 2019]. Download DRL Circular No. SEC/2019/03

This bill amends section 3 of the Nation Building Tax Act, No. 9 of 2009 and the legal effect of the section as amended is to limit the period of application of the Nation Building Tax under the said Act to the period prior to December 1, 2019. Download: English | Sinhala

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