Lanka Tax Club

The Bilateral Agreement for Prevention of Fiscal Evasion entered into on 06.10.2016, between the Government of Sri Lanka and the Government of Finland is now published by government. Download – English Download – Sinhala Download – Tamil  

Updated : December 5, 2018 Section 58A which relating to the Tourist VAT Refund Scheme (TVRS) shall come into operation from September 11, 2018 under the Value Added Tax Act, No. 14 of 2002 amended by the Value Added Tax (Amendment) Act, No. 25 of 2018. Gazette for effective date of Tourist VAT Refund Scheme (TVRS)…

Special Commodity Levy has been imposed on Cone or beet Sugar, R. a. w. Sugar, etc and  shall be valid for a period of 06 months commencing from 16th February 2018. Download – English Download – 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

Central Bank has issued a circular on concessions granted to Tourism Industry.    Circular No. 07 of 2019 (on 08.05.2019)

Updated on 29 March 2018 In terms of Section 83 of the Inland Revenue Act No. 24 of 2017, Every Employer is required to deduct income tax from the gains and profits from employment of each employee, liable to pay income tax at the time such remuneration is paid or credited. For this purpose the Commissioner…

Updated Primary Employment Declaration Form – Added separate line for “Employee NIC/Passport No.” 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….

As instructed by the Ministry of Finance and approved by the Cabinet of Ministers, NBT has been abolished with effect from December 01, 2019, pending parliamentary approval for amendment to the Nation Building Tax Act, No. 9 of 2009. However, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in…

President provides relief in the face of Covid-19 on tax payments, based on that Income Tax & VAT payment due date has been extended up to 30 April 2020. Following questions and implications can be identified based on the above decisions: Income Tax Tax on employment income (PAYE/WHT) for the month of March is due on…

Budget Speech – 2018 – English | Sinhala Analysis by Tax Professionals: EY | KPMG | PwC | Deloitte  

Department of Government Information has published Press Briefing on Cabinet Decisions on 04 June 2020 by exempting penalties of all income tax unpaid due to the COVID-19 pandemic. Accordingly, late payment charges will not be imposed for the payments made up to June 30, 2020. From July onwards, late payments will be fined. Download Press…

The Finance Act No. 35 of 2018 imposes Carbon Tax in the following manner; Liable Persons: Registered owner of every motor vehicle Chargeable period: Every year (other than for the first year of registration of such motor vehicle) Effective Date: January 1, 2019 Applicable Rates:                 Payment Due Date:  On or…