Amendment to VAT Act | Removal of VAT Exemptions
The Bill to amend the VAT Act was published on August 11, 2023, and the EY Tax Alert dated September 11, 2023, highlighted the proposed changes based on this Bill. Subsequently, during its passage through Parliament, a few significant changes were made, and the Bill was finally passed in Parliament on December 11, 2023, with…
Tax Summary of Budget 2024
1. Income Tax (Amendments to the Inland Revenue Act, No. 24 of 2017 1.1 Tax Payable by Withholding (a) A special tax return requirement will be introduced for the deduction of 2.5% withholding tax levied on the sale price of any gem sold at an auction conducted by the National Gems and Jewellery Authority. Exemption…
Tax Webinar: How to calculate your tax liability if you have Salary + Interest – YA 2022/2023
ඔයාට තියෙන්නේ Salary විතරද? එහෙම නැත්නම් Salary සහ පොළී අදායම විතරද? එහෙනම් තනියෙම ඔයාගේ Tax එක හදමුද? 📌 Registration Link: https://forms.gle/2GwBYEpNAsZtUH8U8 📌 Date & Time: 22 October 2023 at 8:00PM onwards 📌 Investment: LKR 500/- (50% Discount for first 100 registrations) 📌 Limited Zoom seats are available! 📌 Hurry Up! Register Soon!
IRD Notice: Reimbursement of Value Added Tax (VAT) to the Purchasers of Agricultural Tractors
The attached notice is from the Inland Revenue Department of Sri Lanka (IRD) regarding the reimbursement of Value Added Tax (VAT) to the purchasers of agricultural tractors. The notice states that the importation of agricultural tractors was exempted from VAT with effect from January 1, 2015, but that VAT was charged on agricultural tractors imported…
Download: Returns of Income – Year of Assessment 2022/2023
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Tax Webinar on Individual Income Tax – YA 2022/2023
📌 Employment, Business, Investment Incomes, Qualifying Payments and Reliefs, Tax Credits 📌 Date & Time: 27 September 2023 (Tomorrow) at 8:00PM 📌 Investment: LKR 500/- 📌 Limited Zoom seats are available! 📌 Hurry Up! Register Soon! 📌 Registration Link: https://forms.gle/p3BCrwmizqpC3Mku7 Please make the payment LKR 500/= to Lanka Tax Club bank account mentioned below: Name:…
Tax refunds for advance income tax (AIT/WHT) deducted on interest
SEC/2023/E/06 from the Inland Revenue Department of Sri Lanka is about senior citizens’ quarterly income tax refunds for advance income tax (AIT/WHT) deducted on interest. It sets out the manner and the procedure of refund payments to senior citizens in terms of Section 150(2A) of the Inland Revenue Act, No. 24 of 2017 (IRA) as…
Bill to amend the Value Added Tax Act No. 14 of 2002
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…
IRD Notice on Implementation of Amendments to Social Security Contribution Levy
This is an IRD Notice about amendments to the Social Security Contribution Levy Act. It discusses new exemptions and an amendment to an existing exemption. New exemptions include motor vehicles liable to Excise Duty, equipment used by differently abled persons, importation of rough unprocessed gem stones, articles sold at duty free shops, and rice manufactured…
IRD Notice to Betting and Gaming Operators
This is an IRD notice about changes to the Betting and Gaming Levy Act. It discusses registration requirements for betting and gaming operators, increases to the gross collection levy rate, and the removal of the Social Security Contribution Levy. Other important points include the introduction of a casino entrance levy and increases to the annual…
Tax Incentives and Exemption on Colombo Port City Project – Sri Lanka
The Colombo Port City project, a Special Economic Zone (SEZ) in Sri Lanka, offers a number of tax incentives and exemptions to investors. These incentives are designed to attract foreign direct investment and boost economic growth. Tax Incentives A 50% concessionary rate of corporate income tax for up to 10 years. An enhanced capital allowance…
IRD Notice on Prevention of corruption in Inland Revenue Department
This is an IRD notice about corruption at the Inland Revenue Department (IRD). It discusses the measures taken to reduce corruption, including a zero-tolerance policy, a variety of ways to report corruption, and protection for whistleblowers. This notice also emphasizes the importance of taxpayer honesty. Download IRD Notice: PN/OT/2023-01