How to file Partnership Return online
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“
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Withholding Tax from Service fees and Contract Payments
Department of Inland Revenue has published notice on Deduction of Withholding Tax from Service fees and Contract Payments with effect from 01 April 2018.
Budget 2019 – Proposals on Value Added Tax (VAT)
Value Added Tax (VAT) [Amendments to the Value Added Tax Act, No.14 of 2002] The piece based VAT rate applicable on domestic sale of certain garments by the export oriented BOI companies will be revised from Rs.75/- to Rs.100/-. The term “locally produced rice products” will be re-defined for the purpose of clarity and certainty….
Services from the Customer Information Update Unit via e-Services or e-Mails
Taking into account the prevailing situation in the country, the temporary arrangements have been made to provide certain services through e-Services/e-Mails/telephone by the Inland Revenue Department. Refer to below the paper notice for more details. Download Paper Notice No: PN/TPS/2020-3 | Dated: 08.10.2020
Extension of Validity Period of the Tax Clearance Certificates relating to Liquor Licenses
Taking into account of the prevailing situation in the country, all divisional secretaries and liquor license holders are informed to treat that the validity period of all tax clearance certificates relating to liquor licenses (which will be expired before December 31, 2020) issued by the Inland Revenue Department to the liquor license holders have been…
Taxes and other levies are not deductible
Following taxes or other levies are not deductible when calculating a person’s income under New Inland Revenue Act. Income Tax Economic Service Charge Value Added Tax on Financial Services Nation Building Tax on Financial Services Crop Insurance Levy Supper Gain Tax Bars and Taverns Levy Casino Industry Levy Mobile Telephone Operator Levy Satellite Location Levy…
IRD Notice on NBT Change
As instructed by the Ministry of Finance and approved by the Cabinet of Ministers, NBT has been abolished with effect from December 01, 2019, pending parliamentary approval for amendment to the Nation Building Tax Act, No. 9 of 2009. However, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in…
Tax Payments & Returns – July 2020
Tax payments & Returns due dates and payment period codes for the month of July 2020 are as follows: Advance Personal Income Tax (APIT) for the month of June 2020 is due on July 15, 2020. Tax Type: 03 Period Code: 20060 WHT / AIT on Interest for the month of June 2020 is due…
President removes tax imposed on gem and jewelry industry
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…
Further Extension of VAT Deferment Facility & Temporary Registration
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…
Budget 2021
Budget speech 2021 and budget analyses. Budget Speech 2021 Budget Speech (Including Technical Notes): English | Sinhala | Tamil Budget 2021 analyses Ernst & Young: Sri Lanka 2021 budget proposals – at a glance KPMG: Budget Analysis 2021 Deloitte: Budget Highlights 2021 Kreston: Budget Proposals 2021 CA Sri Lanka Budget Highlights 2021
PAYE Return for the Y/A 2019/2020
Department of Inland Revenue has published Annual Statement of Employer (PAYE Return) for the Y/A 2019/2020. Download Annual Statement of Employer 2019/2020 Schedule 01 – For Remuneration Other than and Once- and –for – all payments Schedule 02- For Ones- and-for-all Payments Instructions to Complete the Annual Statement of Employer and Schedules
IRD Notice on requirement of Tax Clearance Certificates for Outward Remittances
Due to the prevailing situation of the country affected by the Covid-19 pandemic, the Inland Revenue Department is not in a position to issue Tax Clearance Certificates to the persons who make outward remittances. All Commercial Banks, Authorized Dealers engaged in outward remittances and the persons who make the outward remittances are hereby informed that the Notice issued…
Special Commodity Levy on Rice
Special Commodity Levy has been imposed on rice and shall be valid until March 31, 2018 commencing from January 01, 2018. Download – English Download – Sinhala