The Tax Appeals Commission (TAC) has requested from Commissioner General of Inland Revenue (CGIR) to make aware the Taxpayers who are aggrieved by the determinations of the CGIR and could not lodge an appeal to the TAC against such determinations within thirty (30) days in terms of section 7(2) of the TAC Act No. 23…
Individuals who are liable to pay income tax (whose assessable income for a month exceeds Rs. 250,000 per month or Rs. 3,000,000 for a year of assessment), are required to register and obtain Taxpayer Identification Number (TIN) in order to pay Income Tax on a quarterly basis. There are two methods; Manually Online How to register manually (Due…
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….
Ministry of Finance has issued a Gazette by amending the Finance (Teledrama, Film and Commercials Levy) Regulations, No. 1 of 2017, published in the Gazette Extraordinary No. 2044/21 of November 07, 2017. Download Gazette: 2168/9
Department of Inland Revenue has published on changes that have been proposed to the Inland Revenue Act, No. 24 of 2017. The law pertaining to the above is yet to be enacted. Download IRD Notice: PN/IT/2020-03 (Revised) | 08.04.2020
Notice to the Commercial Banks & Authorized Dealers Engaged in Outward Remittances and the Persons who make Outward Remittances. Requirement of Tax Clearance Certificates for Outward Remittances Due to the prevailing situation of the country affected by the Covid-19 pandemic, the Inland Revenue Department is not in a position to issue Tax Clearance Certificates to the persons who…
Taking in to account the prevailing situation in the country, the Department of Inland Revenue has published a notice by specifying a temporary arrangement to obtain Tax Residency Certificates (TRC). Download IRD Notice
EY has issued a Tax Alert which provides a snapshot of the policy changes to the Foreign Exchange Regulations by order published in Gazette Notification 2169/3 dated 02 April 2020. Download EY Tax Alert Download Gazette No. 2169/3
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…
Department of Inland Revenue has opened the RAMIS to submit ESC Return online. Effective from 01 April 2019 (for Year of Assessment 19/20) – Due on April 20, 2020 Download the Quick Guide of the same.
Donations to COVID – 19 Healthcare and Social Security Fund that has been established to strengthen the mitigation activities aimed at controlling the spread of COVID-19 virus in the country and related social welfare programme have been exempted from taxes and foreign exchange regulations. Refer this link for more details.
In line with the directions issued by the Presidential Secretariat on March 23, 2020 to provide relief measures due to Covid 19 outbreak, the Department of Inland Revenue has published a paper notice on Withholding Tax (WHT) Payments for the Months of February and March 2020. Withholding agents and withholdees who are liable to make the payments…
Department of Inland Revenue has published a paper notice by taking into account of the prevailing situation in the country, all Divisional Secretaries and Liquor License Holders are informed to treat that the validity period of all Temporary Tax Clearance Certificates relating to liquor licenses (which will be expired before June 30, 2020) issued by…
Compound Stamp Duty is required to make the payment and submit the return for the quarter ending March 31, 2020, on or before April 15, 2020. However, due to the prevailing situation of the country, such payment and submission of Stamp Duty Return for the above period have been allowed up to 30th April 2020….