Lanka Tax Club

New Gazette on International Telecommunications Operators Levy (Imposition) Regulations No. 01 of 2010. Gazette Notification No. 2123/19 – English | Sinhala

New Gazette has been signed by Finance Minister on Ports and Airports Development Levy Act No.18 of 2011 – 2125/64 Gazette Notification No. 2125/64

Department of Inland Revenue has published Certificate of Income Tax Deductions prescribed under Section 87 of the Inland Revenue Act, No. 24 of 2017. Certificate of Income Tax Deductions ‍- Primary Employment – (PAYE/T10(new)) Certificate of Income Tax Deductions ‍- Secondary Employment – (PAYE/T10(new)/D)

Gazette Notification No. 2124/3 IRD Notice on Change of VAT Rate As per the Extraordinary Gazette Notification No. 2124/3 dated May 21, 2019, published under section 2A of the Value Added Tax Act, No. 14 of 2002 (VAT Act), VAT rate on the supply of services listed below is reduced to 5% with effect from…

Download Gazette: English | Sinhala Department of Inland Revenue has published a gazette on capital gain tax and summary of the same as below; Where the gain made by a resident individual from the realization of investment asset exceeds Rs. 50,000 capital gain tax return should be filed with the Commissioner General of Inland Revenue…

Download – Public ruling on year change approval – PR/IT/2019/01 (10/05/2019) Taxpayers who have already obtained the approval from Commissioner General to prepare their accounts for a period other than the year of assessment, in order to ascertain income tax payable. For the taxpayers who are willing to apply provisions of both former IR Act…

Download – Public Ruling – PR/IT/2018/02 (10/05/2019) Department of Inland Revenue has published public ruling on deducting of Withholding Tax from the service provided by individuals. If the monthly payment exceeds Rs. 50,000/-, WHT should be deducted on the total amount Similar services and similar services or connected work – Include only services which are similar…

Central Bank has issued a circular on concessions granted to Tourism Industry.    Circular No. 07 of 2019 (on 08.05.2019)

Decisions Taken by Cabinet of Ministers on its meeting held on 07.05.2019 The Cabinet of Ministers approved the proposal presented by Hon. Eran Wickramarathne, Acting Minister of Finance, to provide a concessionary period for loans taken by those engaged in the tourism industry, provide them Capital Loan facilities under ‘Enterprise Sri Lanka’ program, reduction of…

Finance Minister Mr. Mangala Samaraweera has posted a message on his Twitter account regarding tax concessions to strengthen the Tourism Industry affected by the Easter Sunday Attacks.    

Department of Inland Revenue has published a quick guide for “How to file PAYE Annual Declaration for the Y/A 2018/2019” Download PAYE quick guide

Department of Inland Revenue has extended due date of submission of PAYE Annual Declaration and WHT Return  for the Y/A 2018/19 up to May 15, 2019. IRD Notice

The Department of Inland Revenue has now published in their website, the Withholding Tax Return, Schedule Templates and Guidelines applicable for the year of assessment 2018/2019, in terms of section 84 and 85 of the Inland Revenue Act No. 24 of 2017 and the Circular No. SEC/2018/06 published on 18 April 2018. Please find attached…

The Cabinet of Ministers has approved the appointment of Mr. Nadun Guruge as the Commissioner General of Inland Revenue Department. Mr. Nadun Guruge had previously served as the Deputy Commissioner General of Inland Revenue Department and was later appointed the Acting Commissioner General of Inland Revenue Department.