Lanka Tax Club

Department of Inland Revenue has published a new Application Form for Tax Clearance (Outward Remittances). Download Application Form for Tax Clearance (Outward Remittances)

The return of Nation Building Tax (NBT) for Quarter ended with December 31, 2019, is required to furnish on or before January 20, 2020. Accordingly, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in the preparation for sale and his/its liable turnover exceeds twenty-five million (Rs. 25 Mn,)…

Individuals other than who are in employment Resident employee who has furnished the Primary Employment Declaration* to Employer (Employee who is Resident & Citizen / Non-Citizen) Employee who is Non-Resident and Non-Citizen Any employee who has not furnish the primary employment declaration, or any employee employed under more than one employer * Primary Employment Declaration Form Every…

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…

Department of Inland Revenue has published Revised Circular to Banks and Financial Institutions on Deduction of Withholding Tax and Advance Income Tax – Circular No. SEC/2020/03 [08 June 2020] Download IRD Circular No. SEC/2020/03 (Revised) | Dated: 08 June 2020

  Download Form Every employee is required to furnish Primary Employment Declaration Form, to the employer nominating his primary employment under New IRA. A declaration must be signed and dated by the employee and the employer, and may relate to one or more years of assessment. An employee must not have more than one primary…

Notice to the Employers and Employees Deduction of Tax on Cumulative Income from Employment for the Period 01.01.2020 – 31.03.2020 As you are already informed by the Inland Revenue Department (IRD) by its notice under the reference No. PN/IT/2020 – 03 (Revised) dated 06.04.2020 published in line with the instructions issued by the Ministry of…

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  

Economic Service Charge (Amendment) Bill was certified on 04th of October, 2018 and now available the new Economic Service Charge (Amendment) Act, No. 33 of 2018. Summary: Valuation basis of import of vehicles Prior to the Amendment Act, the import of motor vehicles was liable to ESC on the CIF value of the consignment. The…

Department of Inland Revenue has published circular to Banks and Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions. Download – Circular No. SEC/2020/01 [29 January 2020] Previous Circular – Circular No. SEC/2019/04 [27 December 2019]

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…

As you are already informed by the Inland Revenue Department (IRD) by its notice under the reference No. PN/IT/2020 – 03 (Revised) dated 08.04.2020 published in line with the instructions issued by the Ministry of Finance, subject to formal amendments to the Inland Revenue Act, No. 24 of 2017 (IRA), mandatory requirement under Section 83…

Central Bank of Sri Lanka published on 19 March 2020 The Central Bank of Sri Lanka introduces Urgent Measures to Ease the Pressure on the Exchange Rate and Prevent Financial Market Panic due to the COVID-19 Pandemic. As per the provisions of the Monetary Law Act No. 58 of 1949, the Banking Act No. 30…