An extract of a notice published in the Ministry of Finance website relating to Inland Revenue Act, No. 24 of 2017 is quoted below for your information. “Policy Decisions on the Amendment to Inland Revenue Act, No.24 of 2017” PUBLISHED ON 11TH OCTOBER 2018 The amendments to the Inland Revenue Act, No.24 of 2017, as proposed…
Exempt amounts under third schedule of the inland revenue act no. 24 of 2017 Download Schedule 01 Code Table 19/20
Download Form Every employee is required to furnish Primary Employment Declaration Form, to the employer nominating his primary employment under New IRA. A declaration must be signed and dated by the employee and the employer, and may relate to one or more years of assessment. An employee must not have more than one primary…
Department of Inland Revenue has published a Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019. Download – Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019
All foreign exchange transactions were governed by the Exchange Control Act, No. 24 of 1953 and regulations and directives issued under such Act. On 25 July 2017, the Parliament passed the Foreign Exchange Act. This new Act which is yet to receive the certification of the Speaker has been analysed by us based on the Foreign…
In order to promote the agricultural production in the country for exports and consumption purposes the government has decided to provide 5 year tax exemption to the agricultural based small and medium industry In addition the annual income tax rate on processing industries using local agricultural commodities to be reduced from 28% to 14%. Download…
Imposition of Value Added Tax (VAT) on Fabric at the point of Importation As per the amendments made to sub item (v) of item (xxii) paragraph (a) and item (xxxvi) of paragraph (c) of the First Schedule to the Value Added Tax Act, No. 14 of 2002 by the Value Added Tax (Amendment) Act, No….
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…
Tax payments & Returns due dates and tax types & payment period codes for the month of July 2021 are as follows: JULY 15TH Advance Personal Income Tax (APIT) for the month of June 2021 is due on July 15, 2021. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
NEW INLAND REVENUE ACT – UNDER BILL STAGE Imposition of Income Tax for any year of assessment commencing on or after April 1, 2017. New Inland Revenue Act (Bill) – English New Inland Revenue Act (Bill) – Sinhala Issued on 19.06.2017
Key Tax Proposals – Imposition of New Taxes Surcharge Tax It has been proposed to introduce a Surcharge Tax at the rate of 25% on individuals or companies, whose taxable income exceeds LKR 2,000 Mn for the year of assessment 2020/2021. This proposal has been introduced as one-time tax charge to the taxpayers. Social Security Contribution It…
Department of Inland Revenue has published a sample format of Stamp Duty Return. Download Stamp Duty Return