Lanka Tax Club

Department of Inland Revenue has published a quick guide on “How to file Statement of Partnership Income online”. Download Quick Guide – “How to file Statement of Partnership Income“

IRD Notice to VAT Registered Persons who supply Condominium Housing Units As per the Bill and subsequent Committee Stage Amendments (CSA) as passed in Parliament on the 23rd October 2019 to amend Value Added Tax Act, No. 14 of 2002 (VAT Act) including section 22 and item (xi) of paragraph (b) of the First Schedule to…

New Gazette has been issued by approving “Center for Handicapped” Organization as a charitable Institution under the Inland Revenue Act No. 24 of 2017. Download Gazette: English | Sinhala

Submission of Transfer Pricing Disclosure Form For the Year of Assessment 2018/2019 Inland Revenue Department has published notice by extending the due date of the Transfer Pricing Disclosure Form up to 31st March 2020. IRD Notice on TPDF Extension

Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment

Implementation of Changes to Value Added Tax (VAT) as passed in Parliament on 23rd October 2019 IRD Notice on recent VAT Amendment

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…

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…

NBT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.New Exemptions 1.1 Importation of any project related article by a BOI enterprise Importation of any project related article by an enterprise which has entered into an agreement with the BOI of Sri Lanka under section…

VAT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker 1.Supply of residential accommodation Effective from April 1, 2019, the supply of condominium housing is liable to VAT unless exempted. Exemptions a)The supply of a condominium housing unit of a condominium housing project and the maximum…

Betting and Gaming Levy (Amendment) Bill – The proposal made by the Minister of Finance to publish the draft (Amendment) Bill for the amendment of the Betting and Gaming Levy Act, No.40 of 1988 prepared by the Legal Draftsman in the Government Gazette for increasing the Annual Levy from Rs.200 million to Rs.400 million, for…

Submission of Nation Building Tax (NBT) Return has been allowed up to 25 October 2019 and the same would be considered as duly submitted. IRD Notice

Department of Inland Revenue has published Guide to Partnerships Tax Return of Income – Year of Assessment 2018/2019. Download English Guide

Department of Inland Revenue has published Guide to Individuals Tax Return of Income – Year of Assessment 2018/2019. Download English Guide Download Sinhala Guide