Special Commodity Levy on Potatoes
Special Commodity Levy has been imposed on Potatoes and shall be valid until March 31, 2018 commencing from February 24, 2018. Download – English Download – Sinhala
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New Double Tax Avoidance Treaty between the Government of Sri Lanka and the Government of Singapore
IT is hereby notified under Section 97(1)(b) of the Inland Revenue Act, No. 10 of 2006, that the bilateral Agreement for affording relief from double taxation and prevention of fiscal evasion, entered into on 03.04.2014 between the Government of the Democratic Socialist Republic of Sri Lanka and the Government of the Republic of Singapore, has…
Income Tax Guide (Individuals)- Year of Assessment 2018/2019
Department of Inland Revenue has published Guide to Individuals Tax Return of Income – Year of Assessment 2018/2019. Download English Guide Download Sinhala Guide
Public ruling on deducting Withholding Tax from the service provided by individuals – PR/IT/2018/02
Download – Public Ruling – PR/IT/2018/02 (10/05/2019) Department of Inland Revenue has published public ruling on deducting of Withholding Tax from the service provided by individuals. If the monthly payment exceeds Rs. 50,000/-, WHT should be deducted on the total amount Similar services and similar services or connected work – Include only services which are similar…
Central Bank Circular on Concessions Granted to Tourism Industry
Central Bank has issued a circular on concessions granted to Tourism Industry. Circular No. 07 of 2019 (on 08.05.2019)
How to submit VAT Return for the month of February 2020
VAT Return for the month of February 2020 (Monthly VAT Return) is due on March 31, 2020. Due to the prevailing situation of the country, VAT Returns for the above period can be submitted under the following two methods: Taxpayers who do have access to e-Services (RAMIS), can submit the VAT return via e-Service –…
Value Added Tax (Amendment) – Bill
A new amendment to the VAT Act. Download – English Download – Sinhala Summary; This clause amends section 6 of the Value Added Tax Act, No. 14 of 2002 (hereinafter referred to as the “principal enactment”), and the legal effect of that section as amended is to make provisions to determine the value of goods…
Pay As You Earn (PAYE)/ Advance Personal Income Tax (APIT) Return and Schedules
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…
Budget 2019 – Proposals on Betting and Gaming Levy
Betting and Gaming Levy (Amendments to the Betting and Gaming Levy Act, No.40 of 1988 Revision of Annual Levy Annual levy for carrying on the business of gaming other than playing rudjino will be revised to Rs. 400 million Annual levy for carrying on the business of playing rudjino will be revised to Rs.1 million…
Tax Payments & Returns due dates in the month of March 2021
Tax payments & Returns due dates and tax types & payment period codes for the month of March 2021 are as follows: MARCH 15TH Advance Personal Income Tax (APIT) for the month of February 2021 is due on March 15, 2021. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
Piece based VAT rate applicable on local supply of certain garments has been reduced
As the approval granted by the Cabinet of Ministers and instructed by the Ministry of Finance on December 17, 2020, piece based VAT rate applicable on local supply of certain garments classified under the HS Chapters 61, 62 and 63 by export oriented Board of Investment enterprises, has been reduced to Rs. 25/- from Rs….
IRD Notice on recent VAT Amendment
Implementation of Changes to Value Added Tax (VAT) as passed in Parliament on 23rd October 2019 IRD Notice on recent VAT Amendment
IRD Notice on VAT Registration and 22(7) Extension
Taking into account the prevailing situation in the country due to the outbreak of Covid-19 virus, the Inland Revenue Department has taken the following steps to extend the project duration for SVAT purposes and to issue VAT registration (temporary and permanent). Extension of the project period in terms of section 22(7) of the Value Added…
New Gazette (No. 2151/52) on VAT 8%
Ministry of Finance has published New Gazette on VAT changes with effect from 1 December 2019. Download Gazette 2151/52 – English Download Gazette 2151/52 – Sinhala