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…
Gazette notification under Paragraph (e)(iii) of the Third Schedule of the Inland Revenue Act, No. 24 of 2017- official emoluments of any individual who is employed by the Asian Development Bank.
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
Tax payments & Returns due dates and tax types & payment period codes for the month of July 2022 are as follows: JULY 15TH Advance Personal Income Tax (APIT) for the month of June 2022 is due on July 15, 2022. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
The new amendment to Ports and Airports Development Levy Act on rate revision. The key revisions are as follows; Items subject to a rate of 2.5%, will be subject to an increased rate of 5%; Items subject to a rate of 5%, will be subject to an increased rate of 7.5%; Specified items will be exempted…
Nation Building Tax (Amendment) Act, No. 20 of 2018 is certified by the Hon. Speaker on 30th of July, 2018 to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the Act stated below. This amended is to limit the period of exemption granted to certain liquor identified under Harmonized Commodity Description and…
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…
National Insurance Trust Fund (NITF) has published a notice on Crop Insurance levy for the Quarter ended 31 March 2020. Due to the current situation of the Country (COVID-19), NITF has requested to make payment online (fund transfer) and send the duly filled Return via email (Refer the attached notice for more details). Download the Notice…
Following taxes or other levies are not deductible when calculating a person’s income under New Inland Revenue Act. Income Tax Economic Service Charge Value Added Tax on Financial Services Nation Building Tax on Financial Services Crop Insurance Levy Supper Gain Tax Bars and Taverns Levy Casino Industry Levy Mobile Telephone Operator Levy Satellite Location Levy…
The Hook: A New Era for VAT For decades, VAT compliance in Sri Lanka has been defined by the tedious manual entry of invoice data—a process ripe for human error and administrative friction. Finance teams have historically operated in a “lag” state, reconciling records weeks after transactions occurred. This traditional model is now being dismantled….
Tax payments & Returns due dates and tax types & payment period codes for the month of November 2020 are as follows: NOVEMBER 15TH Corporate Income Tax (CIT) 2nd Instalment for the Y/A 2020/2021 is due on November 13, 2020 (Since November 14th & 15th fall on holidays) Tax Type: 02 Period Code: 20212 Individual Income…
Section 2 of the Special Commodity Levy Act, No. 48 of 2007, impose, in respect of the list of commodity specified in Column I of the Schedule hereto a Special Commodity Levy, at the rate specified in the corresponding entry in Column II of Schedule in the gazette attached above. This Order shall be valid for a…
Economic Service Charge (Amendment) Bill was certified on 04th of October, 2018 and now available the new Economic Service Charge (Amendment) Act, No. 33 of 2018. Summary: Valuation basis of import of vehicles Prior to the Amendment Act, the import of motor vehicles was liable to ESC on the CIF value of the consignment. The…
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…