Department of Inland Revenue has published a public notice by amending the public notice number PN/VAT/2020-05 issued on 28.04.2020 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…
The Inland Revenue Department (IRD) of Sri Lanka has issued a critical notice for VAT registered persons who have faced difficulties in obtaining Credit Vouchers for the clearance of deferred VAT at Customs. This issue has primarily arisen due to the issuance of Estimated Assessments on Value Added Tax (VAT) Returns. To address this, the…
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…
The Inland Revenue Act, No. 10 of 2006 shall not apply to any income tax, for any year of assessment commencing on or after April 1, 2018, unless otherwise stated in the Inland Revenue Act, No. 24 of 2017 or as regulated in the succeeding provisions.
IRD has published WHT schedules applicable w.e.f. 01-04-2018 (Y/A 2018/2019) Schedule 1 – Withholding Tax Deduction from Interest / Discount Schedule 2A – Withholding Tax on Payments to Resident under Section 84 & 85 Schedule 2B – Withholding Tax on Payments to Non Resident under Section 84 & 85 Schedule 3 – Withholding Tax Deduction…
Note: This form to be submitted along with supporting documents (If any) to the Help Desk at the nearest IRD branch.
The Government has published bills to amend the Income Tax and VAT Act. These bills subject to pass by the parliament and certify by the Hon. Speaker. Income Tax Income Tax (Amendment) Bill – English Income Tax (Amendment) Bill – Sinhala VAT VAT (Amendment) Bill – English VAT (Amendment) Bill – Sinhala
Department of Inland Revenue has published Guide to Partnerships Tax Return of Income – Year of Assessment 2018/2019. Download English Guide
The Commissioner General of Inland Revenue has published a notice pertaining to changes proposed in the Budget 2021 to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Exemptions from Income Tax Tax rate changes Tax computation, deductions and qualifying payments Tax administrative measures Other proposals Tax relief measures…
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
Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility. Taking in to account of the Covid -19 Endemic situation currently prevailing in the country, the Inland Revenue Department (IRD) has introduced an Alternative Tax Payment System (ATPS) for making tax payments through Online Fund Transfer Facility, with the collaboration of specific banks, with effect from 08-04-2020….
Inland Revenue Department (IRD) issued new guidance regarding the Country-by-Country Reporting (CbCR) and CbCR notification requirements, introducing significant changes in the compliance obligations for affected taxpayers. The new guidance includes, among others, an extension for the filing of the CbCR notification; and a significant change relating to the threshold for CbCR purposes, which is in line…