Furnishing of Tax Clearance Certificate to Banks
Circular to Commercial Banks and Specialized Banks – Furnishing of Tax Clearance Certificate to Banks Circular No. SEC/2017/05 [16 November 2017]
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Tax Payments & Returns due dates – November 2020
Tax payments & Returns due dates and tax types & payment period codes for the month of November 2020 are as follows: NOVEMBER 15TH Corporate Income Tax (CIT) 2nd Instalment for the Y/A 2020/2021 is due on November 13, 2020 (Since November 14th & 15th fall on holidays) Tax Type: 02 Period Code: 20212 Individual Income…
Ports and Airports Development Levy (Amendment) Bill
The new amendment to Ports and Airports Development Levy Act on rate revision. The key revisions are as follows; Items subject to a rate of 2.5%, will be subject to an increased rate of 5%; Items subject to a rate of 5%, will be subject to an increased rate of 7.5%; Specified items will be exempted…
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…
Download: Returns of Income – Year of Assessment 2022/2023
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How to register as a Taxpayer (Individuals)
Individuals who are liable to pay income tax (whose assessable income for a month exceeds Rs. 250,000 per month or Rs. 3,000,000 for a year of assessment), are required to register and obtain Taxpayer Identification Number (TIN) in order to pay Income Tax on a quarterly basis. There are two methods; Manually Online How to register manually (Due…
New amendment to Inland Revenue Act
Inland Revenue Amendment Bill has been published by incorporating proposed changes to the Inland Revenue Act, No. 24 of 2017. Download – English | Sinhala
“Lotus Hill Home for Disabled Children” – Approved Charity Organization
Notify under the Inland Revenue Act, that the “Lotus Hill Home for Disabled Children” as an approved Charity Organization Gazette No. : 2046/10
New NBT Amendment Act out
Nation Building Tax (Amendment) Act, No. 20 of 2018 is certified by the Hon. Speaker on 30th of July, 2018 to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the Act stated below. This amended is to limit the period of exemption granted to certain liquor identified under Harmonized Commodity Description and…
Special Commodity levy on Other Black gram
Section 2 of the Special Commodity Levy Act, No. 48 of 2007, impose, in respect of the list of commodity specified in Column I of the Schedule hereto a Special Commodity Levy, at the rate specified in the corresponding entry in Column II of Schedule in the gazette attached above. This Order shall be valid for a…
Supply of residential accommodation will be exempted until 31st March 2019
Department of Inland Revenue has published amended notice on Implementation of Changes to Value Added Tax (VAT) Act (click here to download) as amended by the Value Added Tax (Amendment) Act, No. 25 of 2018, As instructed by the Ministry of Finance and Mass Media, a policy decision has been taken to continue the exemption on…
Now e-Service is available for filing CIT, IIT & PIT Returns Y/A 2020/2021
Electronic filing facility through e-service is available for filing the Return of Income for Companies, Partnerships and Individuals. A Company or a Partnership or an Individual should have a Personal Identification Number (PIN) and also a Company or a Partnership should have a Special Staff Identity Number (SSID) or SSID numbers for e-filing. Download IRD…
ESC, NBT, PAL and DRL Bills passed by the Parliament
The following bills were approved by the Parliament: Finance (Amendment) Bill – without amendments (06 Oct 2020) To terminate Debt Repayment Levy w.e.f. 01 January 2020 Nation Building Tax (Amendment) Bill – without amendments (07 Oct 2020) To remove the Nation Building Tax from December 1, 2019 Economic Service Charge (Amendment) Bill – without amendments…
Special Commodity Levy on Maize
Special Commodity Levy has been imposed on Maize and shall be valid for a period of 31 days commencing from 01 February 2018. HS code: 1005.90- Rs. 10.00 per kg Download – English Download – Sinhala Download – Tamil