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
Department of Inland Revenue has published Guide to Corporate Tax Return of Income – Year of Assessment 2018/2019 Download English Guide Download Sinhala Guide
Returns of Income – Year of Assessment 2018/2019 Individuals Return of Income Schedules to Return of Income Statement of Assets and Liabilities Guide to filling the Return & Schedules Partnerships Statement of Partnership Income Schedule to Statement of Partnership Income Guide to fill the statement of partnerships income and schedules Resident, Non-Resident Companies, Entities and…
Departments of Inland Revenue has published a circular on paying of Value Added Tax (VAT) to the suppliers. Download
Download English| Sinhala Finance Bill to amend the Finance Act, No. 35 of 2018; to provide for the imposition of a Foreign Commercial Transactions Levy; and to provide for the matters connected therewith and incidental thereto.
Notice published by the Ministry of Finance on 07 August 2019 The Cabinet of Ministers has approved the tax amendments proposed by the Finance Minister Mangala Samaraweera in his Budget 2019. Accordingly, the Cabinet has approved the Amendment Draft Bills on Nation Building Tax and Value Added Tax (VAT). Thus, the hotels, Guest house, Restaurants…
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…
New amendment to the NBT Act. Download – English Download – Sinhala Summary This clause amends section 3 of the Nation Building Tax Act, No. 9 of 2009 (hereinafter referred to as the “principal enactment”) and the legal effect of the section as amended is to limit the period of exemption granted to certain cigarettes…
A new amendment to the VAT Act. Download – English Download – Sinhala Summary; This clause amends section 6 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 make provisions to determine the value of goods…