IRD Notice to Betting and Gaming Operators
This is an IRD notice about changes to the Betting and Gaming Levy Act. It discusses registration requirements for betting and gaming operators, increases to the gross collection levy rate, and the removal of the Social Security Contribution Levy. Other important points include the introduction of a casino entrance levy and increases to the annual…
Ascertainment of Income Tax Payable for the Year of Assessment 2018/2019
How to compute income tax payable for the Y/A 2018/2019 who has obtained the approval for calendar year basis ? Taxpayers who have obtained the approval to make up their accounts for calendar year basis, the ascertainment of Income Tax payable for the year of assessment 2018/2019 has to be computed following manner; For…
New changes to Finance Act
Finance Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.Luxury Tax on Motor Vehicles The Finance Act, No. 35 of 2018 provided for the imposition of a Luxury Tax on Motor Vehicles on every specified motor vehicle. The definition of specified motor vehicle has been…
Income Tax Guide (Company)- Year of Assessment 2018/2019
Department of Inland Revenue has published Guide to Corporate Tax Return of Income – Year of Assessment 2018/2019 Download English Guide Download Sinhala Guide
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)
Value Added Tax (Amendment) Bill – 2022
This amendment is to increase the VAT rate from 15% to 18% per centum on supply of financial services on financial institutions with effect from January 1, 2022 and to exempt certain goods and services from VAT in order to give effect to budget proposals of 2022. Download Bill – English | Sinhala
How to get a TIN Certificate | | How to determine Residency
How to get a TIN Certificate Online: IRD Link to register as a Taxpayer and obtain your TIN By Visit or Post: This form (Name A below) is to be submitted along with supporting documents to the Primary Registration Unit at the IRD head office or any of the Metro Branches or Regional Offices. If…
Cabinet announces several tax reliefs
The Cabinet has given its approval to remove the Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax and Withholding Tax on interests, the Co-Cabinet Spokesperson Ministers Bandula Gunawardana said today.He mentioned this during the first press briefing to announce the decisions of the new government’s Cabinet of Ministers. It took place at the…
PAYE Tax automatic calculator – Excel
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
Central bank has issued a circular to Banks by suspending certain facilities
Central Bank of Sri Lanka published on 19 March 2020 The Central Bank of Sri Lanka introduces Urgent Measures to Ease the Pressure on the Exchange Rate and Prevent Financial Market Panic due to the COVID-19 Pandemic. As per the provisions of the Monetary Law Act No. 58 of 1949, the Banking Act No. 30…
Certificate of Income Tax Deductions (T-10): An Overview
The Certificate of Income Tax Deductions, commonly referred to as the T-10, is an essential document prescribed under Section 87 of the Inland Revenue Act in Sri Lanka. This certificate plays a vital role for both employers and employees in the process of Advance Personal Income Tax (APIT) compliance. Purpose of the T-10 Certificate The…
Circular on Paying of Value Added Tax (VAT) to the Suppliers
Departments of Inland Revenue has published a circular on paying of Value Added Tax (VAT) to the suppliers. Download