EY has issued a Tax Alert which provides a snapshot of the policy changes to the Foreign Exchange Regulations by order published in Gazette Notification 2169/3 dated 02 April 2020. Download EY Tax Alert Download Gazette No. 2169/3
New Gazette has been signed by Finance Minister on Ports and Airports Development Levy Act No.18 of 2011 – 2125/64 Gazette Notification No. 2125/64
Decisions Taken by Cabinet of Ministers on its meeting held on 07.05.2019 The Cabinet of Ministers approved the proposal presented by Hon. Eran Wickramarathne, Acting Minister of Finance, to provide a concessionary period for loans taken by those engaged in the tourism industry, provide them Capital Loan facilities under ‘Enterprise Sri Lanka’ program, reduction of…
Ministry of Finance has published on their website a press release on the latest Income Tax changes. Download Press Release – Amendments to the IRA No. 24 of 2017
History of General VAT Rate change in Sri Lanka from 2002 to date. Period Type Rate Rates applicable from 01.08.2002 to 31.12.2003 01.08.2002 – 31.12.2003 Reduce – 2nd Sch. 10% Standard – All other 20% Rates applicable from 01.01.2004 to 31.12.2008 01.01.2004 – 18.11.2004 Single Rate – 3rd Sch. 15% 19.11.2004 – 31.12.2004 Basic Rate – 3rd Sch….
Department of Inland Revenue has opened the RAMIS to submit ESC Return online. Effective from 01 April 2019 (for Year of Assessment 19/20) – Due on April 20, 2020 Download the Quick Guide of the same.
Department of Inland Revenue has published a List of VAT Registration Deactivated Persons (w.e.f. 14.01.2020). Download List: PDF | Excel
Department of Inland Revenue has published TPDF and guide for the Y/A 2019/2020. Download Transfer Pricing Disclosure Form Download Guide to Transfer Pricing Disclosure Form
Pay As You Earn (PAYE)/ Advance Personal Income Tax (APIT) Return and Schedules for the Y/A 2020/2021 Return Annual Statement of Employer – APIT (YA 2020/2021) Guide Instructions to Complete the Annual Statement of Employer and Schedules Schedule – PDF Schedule 01 – For Remuneration Other than and Once and for all Payments Schedule 02…
Committee on Interpretations under Inland Revenue Act No.24 of 2017 As stipulated in section 107 of the Inland Revenue Act, No. 24 of 2017 (Act), taxpayers may apply to the Commissioner General of Inland Revenue (CGIR) for a private ruling regarding the application of the Act. Thereunder the Commissioner General is statutorily empowered to…
Budget speech 2021 and budget analyses. Budget Speech 2021 Budget Speech (Including Technical Notes): English | Sinhala | Tamil Budget 2021 analyses Ernst & Young: Sri Lanka 2021 budget proposals – at a glance KPMG: Budget Analysis 2021 Deloitte: Budget Highlights 2021 Kreston: Budget Proposals 2021 CA Sri Lanka Budget Highlights 2021
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
In Sri Lanka, employment income taxation has undergone significant reforms in recent years, especially with the revival of Advance Personal Income Tax (APIT). For the Year of Assessment (YA) 2024/2025, salaried employees must be aware of how primary and secondary employment income is taxed and the importance of filing T-10 forms. This article serves as…
A new guideline has been prepared for the period from 01.01.2020 to 31.03.2020 and uploaded in the IRD web portal of the Department (Link) to provide instructions to the employers to deduct Withholding Tax under the PAYE Scheme, as instructed by the Ministry of Finance, (subject to formal amendment to the Inland Revenue Act, No….