This is an IRD Notice about amendments to the Social Security Contribution Levy Act. It discusses new exemptions and an amendment to an existing exemption. New exemptions include motor vehicles liable to Excise Duty, equipment used by differently abled persons, importation of rough unprocessed gem stones, articles sold at duty free shops, and rice manufactured…
As approved by the Cabinet of Ministers and instructed by the Ministry of Finance on December 31, 2019, pending formal amendment to the Inland Revenue Act No. 24 of 2017, WHT on service fee payable to any Resident Individual {whose payment made by any WHT Agent exceeding Rs. 50,000/- per month and deducted at 5%…
Download Circular to Banks, Financial Institutions and Remitters of Foreign Exchange – Collection of Remittance Fee (RF) on the Remittance the Inward Remittance of Foreign Exchange as Enacted in the Foreign Exchange Act No. 12 of 2017 – Circular No. SEC/2018/02 [27 March 2018]
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…
This is an IRD notice about corruption at the Inland Revenue Department (IRD). It discusses the measures taken to reduce corruption, including a zero-tolerance policy, a variety of ways to report corruption, and protection for whistleblowers. This notice also emphasizes the importance of taxpayer honesty. Download IRD Notice: PN/OT/2023-01
Department of Inland Revenue has published Guideline to facilitate the completion of Statement of Estimated Income Tax payable and to calculate the income tax installments payable in terms of the provisions under the Inland Revenue Act No. 24 of 2017 Statement of Estimated Income Tax Payable Download English Download Sinhala Instructions for the Submission of Statement…
Department of Inland Revenue has extended due date of submission of PAYE Annual Declaration and WHT Return for the Y/A 2018/19 up to May 15, 2019. IRD Notice
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….
Department of Inland Revenue has published a paper notice by informing that the Alternative Tax Payment System (ATPS) which was introduced temporarily due to the Covid – 19 pandemic situation will be discontinued effect from March 31, 2021. However, tax payment could be made, Through Online Tax Payment Platform (OTPP) or (For further information, visit…
Staying ahead of tax legislation is crucial for professionals and businesses. The proposed Inland Revenue Amendment Bill 2026 introduces several significant shifts in Sri Lanka’s tax framework, ranging from Capital Gains Tax hikes to expanded compliance requirements. To help you and your clients prepare, we have summarized the key changes and their effective dates in…
With effect from January 01, 2024, any individual who is at the age 18 years or more, or who attains the age of 18 years on or after January 01, 2024, it is mandatory to register with the Inland Revenue Department and obtain a TIN (Taxpayer Identification Number). Furthermore, any person who receives an income…
Tax payments & Returns due dates and tax types & payment period codes for the month of February 2021 are as follows: FEBRUARY 15TH Corporate Income Tax (CIT) 3rd Instalment for the Y/A 2020/2021 is due on February 15, 2021. Tax Type: 02 Period Code: 20213 Individual Income Tax (IIT) 3rd Instalment for the Y/A 2020/2021 is…
Department of Inland Revenue has published notice on Deduction of Withholding Tax from Investment returns with effect from 01 April 2018.