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
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Customs Notice on VAT & NBT change
Department of Customs has published a notice on VAT & NBT change. Download Custom Notice on VAT & NBT
Economic Service Charge (Amendment) Act, No. 33 of 2018
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…
Colombo Port City Economic Commission Act
The Colombo Port City Economic Commission Act was passed in Parliament on the 19th of May 2021 and is pending certification by the Speaker. Download EY Analysis of Colombo Port City Economic Commission Act. Colombo Port City Economic Commission Act – English
List of VAT Inactivated persons as at 28 January 2020
Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 28.01.2020. Download List: PDF | Excel
IRD Notice on how to submit Returns, Appeals, Objections, etc.
To adhere the current situation prevailing in the country, Central Document Management Unit (CDMU) of IRD has instituted few steps to receiving the documents (Returns, Appeals, Objections, etc.) from taxpayers. Download IRD Notice No. PN/TPS/2020-4 | Dated: 12 Oct 2020
New Application Forms
Department of Inland Revenue has published following application forms. Application Form for Confirmation of VAT Liability Application Form for Tax Clearance on Other Purpose
A person who filed a Tax Return electronically (via e-Service) for the Y/A 18/19 shall continue to file Tax Returns in that manner
The IRD has informed that the taxpayers who had e-Filed the Return of Income for the last Year of Assessment (2018/ 2019), should e-File their Returns of Income for this year. Further, Returns of Income of such taxpayers have neither been printed nor posted for manual submission. IRD highly promotes all other taxpayers as well…
Certificate of Tax Deductions – T10
Department of Inland Revenue has published Certificate of Income Tax Deductions prescribed under Section 87 of the Inland Revenue Act, No. 24 of 2017. Certificate of Income Tax Deductions - Primary Employment – (PAYE/T10(new)) Certificate of Income Tax Deductions - Secondary Employment – (PAYE/T10(new)/D)
Values of Non Cash Benefits for the purpose of PAYE
Download the document published by IRD IRD has published a document for Values of Non Cash Benefits for the purpose of PAYE. Non Cash Benefits can be categorized mainly into four as follows; Value of Company shares awarded by Employer . Value of benefits from any residence provided by the Employer Value of Transport…
Primary Employment Declaration Form (PED)
Download Form Every employee is required to furnish Primary Employment Declaration Form, to the employer nominating his primary employment under New IRA. A declaration must be signed and dated by the employee and the employer, and may relate to one or more years of assessment. An employee must not have more than one primary…
Budget 2022 Analysis
Key Tax Proposals – Imposition of New Taxes Surcharge Tax It has been proposed to introduce a Surcharge Tax at the rate of 25% on individuals or companies, whose taxable income exceeds LKR 2,000 Mn for the year of assessment 2020/2021. This proposal has been introduced as one-time tax charge to the taxpayers. Social Security Contribution It…
Luxury tax on motor vehicles will not be affected for small vehicles
The below article has been published by the Ministry of Finance on 31st October 2019. Luxury tax on motor vehicles will not be affected for small vehicles. The Finance Act has been amended as proposed in the Budget 2019 by Minister of Finance Hon. Mangala Samaraweera, the tax levied on motor vehicles will only be…
Value Added Tax (Amendment) Bill – Dated 10 February 2020
The government has issued VAT (Amendment) Bill dated 10 February 2020 on recent VAT changes. Download: English | Sinhala Summary: Clause 2: This clause amends section 3 of the Value Added Tax Act, No. 14 of 2002 (hereinafter referred to as the “principal enactment”), and the legal effect of that section as amended is to increase…