Ports and Airports Development Levy
Exemption and concessionary rate of 2.5% for Ports and Airports Development Levy on import of each article specified in the gazette (Attached).
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Tax Payments & Returns due dates in the month of October 2021
Tax Payments & Returns due dates in the month of October 2021 Tax payments & Returns due Tax Payments & Returns due dates in the month of October 2021 dates and tax types & payment period codes for the month of October 2021 are as follows: OCTOBER 15TH Advance Personal Income Tax (APIT) for the…
Distribution of dividend out of dividend received prior to 01 April 2018
Any dividend paid to be shareholder of any company prior to April 01, 2019, out of any such dividend received by that company from any other company on which WHT 10% had been deducted prior to April 01, 2018 in accordance with the provisions of the Inland Revenue Act, No. 10 of 2006, such dividend…
Economic Service Charge Act going to be amend
Summary Section 22 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to specify the base for charging the service charge for importation of motor vehicles. Schedule IV of the principal enactment and the legal effect of the section as amended is to specify…
Gazette on Curtailing Importation of Selected Items
Minister of Finance, Economic and Policy Development has issued a gazette notification under the following; The Special Import License and Payment Regulations No. 1 of 2011 published by the Gazette Extraordinary No. 1739/3 dated January 02, 2012 is amended hereby removing the Regulation 3(1) b, 3(1) c, 11 and 12. Sri Lanka Customs and Commercial…
Extension of Validity Period of the VAT Active Certificates
Taking into account of the prevailing situation in the country, the validity period of all VAT Active Certificates (which are expiring on or after October 01, 2020) issued by the Inland Revenue Department to the VAT registered persons are extended until December 31, 2020. Download IRD Notice No. PN/TC/2020-07 | Dated: 02 November 2020
Proposed amendments to taxation
Ernst & Young has published tax alert containing amendments to direct and indirect taxes as approved by the Cabinet of Ministers on 27 November 2019. The contents of this Alert, including our analysis, are based on the press briefing given by the Cabinet Spokesman subsequent to the Cabinet meeting. Income tax – Effective Date 1…
Required documents to apply duplicate TIN
Companies incorporated under the Companies Act No. 07 of 2007 Request letter Affidavit Copy of Business Registration Certificate Copy of Form 01 Copy of From 20 NIC or Passport copy of Director who signed request letter Letter of authorization NIC or Passport copy of authorized person Proprietorship / Partnership Request letter Affidavit Copy of Business…
VAT (Amendment) Act No. 9 of 2021
The government has issued an amendment to the Value Added Tax Act No 14 of 2002. The Value Added Tax (Amendment) Act was passed in Parliament on 4 May 2021 and certified on 13 May 2021 by the Hon. Speaker. Download Value Added Tax (Amendment) Act No. 9 of 2021 – English | Sinhala EY Tax Alert | A Bill to…
Individual Income Tax (IIT) Return and Guide – Y/A 2019/2020
Department of Inland Revenue has published a sample format of Individual Income Tax Return and Guide to filling the Return & Schedules for the Y/A 2019/2020. Download: Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [Asmt_IIT_003_E] Guide to filling the Return & Schedules – [Asmt_IIT_004_E]
Losses on financial instruments
Loss on a financial instrument is occurred as the circumstance in which loss on a financial instrument set against the gain from same type of financial instrument.
Guideline for Debt Repayment Levy (DRL) on Financial Services – Circular No. SEC/2019/03
Department of Inland Revenue has published circular to all Financial Institutions – Imposition of Debt Repayment Levy under the Finance Act No. 35 of 2018 [24 June 2019]. Download DRL Circular No. SEC/2019/03
Public ruling on deducting Withholding Tax from the service provided by individuals – PR/IT/2018/02
Download – Public Ruling – PR/IT/2018/02 (10/05/2019) Department of Inland Revenue has published public ruling on deducting of Withholding Tax from the service provided by individuals. If the monthly payment exceeds Rs. 50,000/-, WHT should be deducted on the total amount Similar services and similar services or connected work – Include only services which are similar…
Updated SVAT Registered Persons (RIPs & RIPs)
Department of Inland Revenue has published updated SVAT Registered Persons (RIPs & RIPs) as at 20.02.2019. List of Registered Identified Suppliers (RISs) [20-02-2019] List of Registered Identified Purchasers (RIPs) [20-02-2019]