Rs. 1 million loan facility at 4% interest rate for jewelry manufacturers. President Gotabaya Rajapaksa decides to remove the 14% income tax imposed on the profit earned by the gem and jewelry manufacturers and the 15% tax on gold imports. The income tax concession given to the gem and jewelry industry since 1971 was done…
Department of Inland Revenue has published “Interim Estimate of Value Added Tax on Supply of Financial Services – 2nd Six Months 2019/2020” today and you can download the Return form and schedule using the below links. Interim Estimate of Value Added Tax on Supply of Financial Services – 2nd Six Months of – 2019/2020 Schedules…
Under Section 107 (7) of the Inland Revenue Act, No. 24 of 2017, Commissioner General of Inland Revenue order to pay a sum of Rs. 25,000/= as the fee to be charged in relation to an application for a private ruling requested by a taxpayer.
How to get a TIN Certificate Online: IRD Link to register as a Taxpayer and obtain your TIN By Visit or Post: This form (Name A below) is to be submitted along with supporting documents to the Primary Registration Unit at the IRD head office or any of the Metro Branches or Regional Offices. If…
Department of Inland Revenue has published Updated Schedule File Verifier Tool to verify your schedules (VAT/SVAT/PAYE/WHT) for E-filing. Download Link (Version – 4.3) Guide for “How to use the schedule verification tool”
Notify under the Inland Revenue Act, that the “Lotus Hill Home for Disabled Children” as an approved Charity Organization Gazette No. : 2046/10
Department of Inland Revenue has issued a circular on Guideline for Employees Trust Fund (ETF), all Provident Funds & all Employers – Circular No. SEC/2020/02 [18 February 2020] Download Circular No. SEC/2020/02
The return of Nation Building Tax (NBT) for Quarter ended with December 31, 2019, is required to furnish on or before January 20, 2020. Accordingly, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in the preparation for sale and his/its liable turnover exceeds twenty-five million (Rs. 25 Mn,)…
VAT Return for the month of February 2020 (Monthly VAT Return) is due on March 31, 2020. Due to the prevailing situation of the country, VAT Returns for the above period can be submitted under the following two methods: Taxpayers who do have access to e-Services (RAMIS), can submit the VAT return via e-Service –…
Notice published by the Ministry of Finance on 06 August 2019 Although the Central Bank has reduced the rates for deposits maintained in commercial banks, the special interest rate of 15% offered by the Government for senior citizens have not been changed. There is no truth in the media reports published by different media saying…
The National Customs Tariff is a Guide to compute all the taxes or levies payable on goods (commodities) imported. It is a publication of such taxes stipulated under various Acts and Enactments, consolidated in to one book for ease of reference, both by the Customs Officials as well as the general public. The following taxes…
The interest and repayment of capital under subsections (1) and (2) of section 31 of the Inland Revenue Act, No. 24 of 2017, shall be calculated as if the loan were a blended loan with interest compounded six-monthly or other period which is considered by the generally accepted accounting principles.
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…
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…