Lanka Tax Club

Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility. Taking in to account of the Covid -19 Endemic situation currently prevailing in the country, the Inland Revenue Department (IRD) has introduced an Alternative Tax Payment System (ATPS) for making tax payments through Online Fund Transfer Facility, with the collaboration of specific banks, with effect from 08-04-2020….

Tax payments & Returns due dates and tax types & payment period codes for the month of January 2021 are as follows: JANUARY 15TH Advance Personal Income Tax (APIT) for the month of December 2020 is due on January 15, 2021 – Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax…

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….

Department of Inland Revenue has published a notice Taxpayer Registrations and Updates on 01.06.2020 No.: PN/TPS/2020-1. Maintaining of completed and updated taxpayer profile is helpful in complying with tax related matters and regulations without undue hassle. Moreover, obtaining the relevant services through e-Services enables you to avoid personally visiting the department on multiple occasions. It is essential…

Department of Inland Revenue has published a Circular to Withholding Agents (WHA) on Deduction of Withholding Tax and Advance Income Tax. Download IRD Circular No. SEC/2020/04 | Dated: 19 May 2020

Budget 2018 – Imposition of Value Added Tax (VAT) for Sale of Condominium Housing Units The Supply of Condominium housing units will be liable for VAT with effect from April 1, 2018 as proposed in the Budget 2018. However, supply of Condominium housing unit will be exempted from VAT under the following cases; Sale of any…

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…

Department of Inland Revenue has published followings on Estimated Income Tax Payable – Year of Assessment 2020/2021 which is due on August 15, 2020. Statement of Estimated Income Tax Payable [Set_E] Instructions for Completing the Statement of Estimated Tax

Department of Inland Revenue has published Specimen and Guide to filling the Income Tax Return – Y/A 2017/2018 Individuals Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [IIT_4R_3(3)_E] Guide to filling the Return & Schedules – [IIT_IR14_E] Tax Calculator (For Taxpayer calculation purpose only) Partnerships Return of…

Department of Inland Revenue has published a public notice by amending the public notice number PN/VAT/2020-09 issued on 29.06.2020 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 further extended…

As approved by the Cabinet of Ministers and instructed by the Ministry of Finance on December 31, 2019, pending formal amendment to the Inland Revenue Act No. 24 of 2017, WHT on service fee payable to any Resident Individual {whose payment made by any WHT Agent exceeding Rs. 50,000/- per month and deducted at 5%…