Considering the prevailing COVID19 pandemic in the country and the multiple requests made by the stakeholders to the Ministry of Finance, the requirements to submit the TP documentations of Master Files and Country by Country Report (CbCR) for the Year of Assessment 2019/2020, in terms of Regulations of the TP Gazette No 2104/4 dated December…
Section 3 of the Land (Restrictions on Alienation) Act, No. 38 of 2014 (hereinafter referred to as the “principal enactment”) and the legal effect of the section as amended is to extend the application of the exemption granted by that section to certain properties. Section 5A of the principal enactment, and the legal effect of…
We have developed PAYE tax automatic calculator in excel under Inland Revenue Act No. 24 of 2017. If you wish to purchase and for more details please contact us via info@lankataxclub.lk | Contact Us
Department of Inland Revenue has published a paper notice (PN/Tax Returns/2020-03) by in lining with the approval for “Tax Relief Measures to Facilitate Post COVID-19 Economic Recovery” granted by the Cabinet of Ministers on June 24, 2020, date of submission of following Tax Returns/statements has been further extended up to December 31, 2020. Annual Declaration…
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
As per the Extraordinary Gazette Notification No. 2125/69 dated June 01, 2019, published under section 2A of the Value Added Tax Act, No. 14 of 2002 (VAT Act), VAT rate on the supply of services listed below is changed to 7% for the period commencing from June 01, 2019 and ending on March 31, 2020….
Department of Inland Revenue has published amended notice on Implementation of Changes to Value Added Tax (VAT) Act (click here to download) as amended by the Value Added Tax (Amendment) Act, No. 25 of 2018, As instructed by the Ministry of Finance and Mass Media, a policy decision has been taken to continue the exemption on…
New gazette has been published by Ministery of Finance with explantory note to the gazette No. 2151/52. Download Gazette No. 2152/60
“Tax Agent” means an agent who is appointed by the taxpayer to interact with the Commissioner General on behalf of such taxpayer to prepare returns and schedules in respect of any type of taxes administered by the Commissioner General for the purposes of e-Services. The persons who have obtained Taxpayer Identification Number (TIN), now you…
Department of Inland Revenue has published Revised Circular to Banks and Financial Institutions on Deduction of Withholding Tax and Advance Income Tax – Circular No. SEC/2020/03 [08 June 2020] Download IRD Circular No. SEC/2020/03 (Revised) | Dated: 08 June 2020
As approved by the Cabinet of Ministers and instructed by the Ministry of Finance, ESC has been abolished with effect from January 01, 2020, pending parliamentary approval for amendment to the Economic Service Charge Act, No. 13 of 2006. Accordingly, any person or partnership for any quarter commencing on or after January 01, 2020 is…
The government has reissued ESC, NBT, PAL & Finance (DRL) Bills since which are published earlier lapsed due to the dissolution of parliament. Amendment to Economic Service Charge Act, No. 13 of 2006 – To remove the Economic Service Charge from January 1, 2020. Download English | Sinhala Bill Amendment to Nation Building Tax Act,…
Simplified Value Added Tax (SVAT) Scheme in Sri Lanka By Kokila Mudugamuwa The Simplified Value Added Tax (SVAT) scheme was introduced by the Department of Inland Revenue in Sri Lanka on April 1, 2011, under the Value Added Tax Act. The primary objective of SVAT is to eliminate the need for VAT refunds for eligible…
NBT Bill passed by the parliament together with Committee Stage amendment on 18 July 2018. Department of Inland Revenue has published a notice for the same on 20 July 2018. Relevant notice is attached above for your reference.