Taking into account the prevailing Covid-19 pandemic situation in the country, the Commercial Banks, Authorized Dealers engaged in outward remittances and the person who make the outward remittances are hereby informed to treat that the validity of Outward Remittance Clearances issued for covering specified period of time (which are expiring on or after December 31, 2020) by…
The Inland Revenue Department (IRD) has issued a formal notice, SEC/PN/SSCL/2026-01, dated January 16, 2026, highlighting critical changes to the Social Security Contribution Levy (SSCL) framework. These changes stem from the Social Security Contribution Levy (Amendment) Act, No. 24 of 2025, which was officially certified on December 17, 2025. The amendment focuses on expanding exemptions…
Taking into account of the COVID – 19 pandemic situation in the country, period of validity of Temporary VAT Registration issued on or after 01.01.2019 for import or export, which gets expired on or before June 30, 2021 as per the certificate, has been extended up to June 30, 2021. Temporary registration is issued only to persons…
Circular No. SEC/2023/E/03, issued on May 9, 2023, provides guidance on the calculation of Income Tax payable for the year of Assessment starting from April 1, 2022. The circular, published by the Inland Revenue Department of Sri Lanka, aims to assist taxpayers in understanding the process and requirements for determining their income tax liability. It…
President provides relief in the face of Covid-19 on tax payments, based on that Income Tax & VAT payment due date has been extended up to 30 April 2020. Following questions and implications can be identified based on the above decisions: Income Tax Tax on employment income (PAYE/WHT) for the month of March is due on…
Department of Inland Revenue has published a public notice by amending the public notice number PN/VAT/2020-05 issued on 28.04.2020 as follows. VAT Deferment Facility on Imports at the Customs/BOI Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been…
Notify under the Inland Revenue Act, that the “Lotus Hill Home for Disabled Children” as an approved Charity Organization Gazette No. : 2046/10
Taking into account the prevailing situation in the country (Covid -19 pandemic, Second wave), the following Tax Returns can be submitted up to the dates mentioned below without subjecting to late filing penalties as per the respective enactments. Compounded Stamp Duty Return for the quarter ending September 30, 2020 – Additional time allowed up to…
Department of Inland Revenue has published an updated list of VAT Registration inactivated persons as at 21.05.2020. Download List: PDF | Excel
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…
Individuals other than who are in employment Resident employee who has furnished the Primary Employment Declaration* to Employer (Employee who is Resident & Citizen / Non-Citizen) Employee who is Non-Resident and Non-Citizen Any employee who has not furnish the primary employment declaration, or any employee employed under more than one employer * Primary Employment Declaration Form Every…
An amendment proposal to the Value Added Tax Act No. 14 of 2002 was officially released on August 31, 2023, and awaits presentation in Parliament. The purpose of this post is to elucidate the key provisions contained within this proposal. It is essential to underscore that the content of this Bill remains subject to potential…
Employers are required to issue all employees details of the tax deductions made during the year in the Certificate of Tax Deduction (T 10 form), before the expiry of the 30th day of April in the following year (30 April 2018). Certificate of Income Tax Deductions – (P.A.Y.E./T.10 (new)) Certificate of Income Tax Deductions – Under Section…
Withholding Tax (WHT)/ Advance Income Tax (AIT) Return and Schedules w.e.f. 01 April 2020 (Y/A 2019/2020) Return Annual Statement of Withholding Tax / Advance Income Tax Guidelines Guidelines to Fill the Statement of Withholding Tax Schedules PDF – Schedules to Withholding Tax Return/ Advance Income Tax Excel – Schedule 1 – Withholding Tax/ Advance Income…