Income Tax Guide (Partnerships) – Year of Assessment 2018/2019
Department of Inland Revenue has published Guide to Partnerships Tax Return of Income – Year of Assessment 2018/2019. Download English Guide
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Parliament passes new Foreign Exchange Act
All foreign exchange transactions were governed by the Exchange Control Act, No. 24 of 1953 and regulations and directives issued under such Act. On 25 July 2017, the Parliament passed the Foreign Exchange Act. This new Act which is yet to receive the certification of the Speaker has been analysed by us based on the Foreign…
NEW INLAND REVENUE ACT – UNDER BILL STAGE
NEW INLAND REVENUE ACT – UNDER BILL STAGE Imposition of Income Tax for any year of assessment commencing on or after April 1, 2017. New Inland Revenue Act (Bill) – English New Inland Revenue Act (Bill) – Sinhala Issued on 19.06.2017
Guide for Income Sources (Draft) under Inland Revenue Act, No. 24 of 2018
This set of guides, which explains very briefly the main provisions of the Inland Revenue Act No. 24 of 2017 (the Act) which provide the Department’s view point of the legal provisions and guidance to the general public and the taxpayers. It is intended to issue a Manual of Income tax providing comprehensive information and…
IR and VAT Bills approved by the Parliament with amendments
Inland Revenue (Amendment) Bill and VAT (Amendment) Bill were approved by the Parliament today with amendments. Await for more details.
HS codes for removal of exemption & new exemption under new VAT amendment
Department of Customs has published notice (Download Notice) relating to new VAT amendment act No. 25 of 2018 stating HS codes for removal of exemption & new exemption.
Tax exemption on Dividend under BOI – Gazette No. 2089/1
New Gazette has been published for Tax exemption on Dividend under BOI by amending the paragraph (3) of the Transitional Provisions Gazette No. 2064/53. Download the Gazette for Tax exemption on Dividend under BOI – English | Sinhala
IRD Notice on New VAT Amendment Act, No. 25 of 2018
Department of Inland Revenue has published notice on New VAT Amendment Act, No. 25 of 2018 (Download Notice)
Instructions for calculation of Statement of Estimated Income Tax Payable – Calculation Guide
Department of Inland Revenue has published a Guide – Instructions for calculation of Statement of Estimated Income Tax Payable – Calculation Guide [Download].
Press release on Income Tax changes
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
Extension on Tax Return submission dates
Taking into account the prevailing situation in the country (Covid -19 pandemic, Second wave), the following Tax Returns can be submitted up to the dates mentioned below without subjecting to late filing penalties as per the respective enactments. Compounded Stamp Duty Return for the quarter ending September 30, 2020 – Additional time allowed up to…
New Regulations made under Economic Service Charges Act, No. 13 of 2006
New Regulations made under Economic Service Charges Act, No. 13 of 2006 Download – English Download – Sinhala Download – Tamil
License Fee for Toddy Tapping
Section 25, read together with Section 32 of the Excise Ordinance (Chapter 52), as amended with the license fees for toddy tapping with effect from April 16, 2018.
Tax Invoice in Sri Lanka: A Comprehensive Guide
A tax invoice is an essential document in the administration of Value Added Tax (VAT) in Sri Lanka. It serves as evidence of a taxable transaction between a VAT-registered supplier and customer. Understanding the key elements of a tax invoice and the regulations surrounding its issuance is crucial for compliance with Sri Lankan tax laws….