New amendment to ESC Act
ESC Amendment Bill has been published by incorporating proposed changes to the ESC Act. Download – English | Sinhala
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Taxpayer may designate an Authorized Representative
Circumstances under which a taxpayer may designate an authorized representative to communicate with the Inland Revenue Department on behalf of the taxpayer as set out in the gazette (attached) effective from 01.04.2018.
Value Added Tax (VAT) Temporary Registration – Extended up to June 30, 2021
Taking into account of the COVID – 19 pandemic situation in the country, period of validity of Temporary VAT Registration issued on or after 01.01.2019 for import or export, which gets expired on or before June 30, 2021 as per the certificate, has been extended up to June 30, 2021. Temporary registration is issued only to persons…
PAL rate revision for cement clinkers
Finance Ministry has issued a gazette notification by reducing the PAL rate of cement clinkers from 10% to 7.5%. Download the Gazette Notification
How to fill Nation Building Tax Return for Quarter ending 31 December 2019
The return of Nation Building Tax (NBT) for Quarter ended with December 31, 2019, is required to furnish on or before January 20, 2020. Accordingly, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in the preparation for sale and his/its liable turnover exceeds twenty-five million (Rs. 25 Mn,)…
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
Fee to be charged for a private ruling requested by a taxpayer
Under Section 107 (7) of the Inland Revenue Act, No. 24 of 2017, Commissioner General of Inland Revenue order to pay a sum of Rs. 25,000/= as the fee to be charged in relation to an application for a private ruling requested by a taxpayer.
List of VAT Registration Deactivated Persons (w.e.f. 20.01.2021)
Department of Inland Revenue has published a list of VAT Registration deactivated persons (w.e.f. 20.01.2021). Download: List of VAT Registration deactivated persons
IRD Notice on how to connect with Customer Supporting & Promotion Unit on certain Services
Taking into account the prevailing situation in the country, Customer Supporting & Promotion Unit of Inland Revenue Department (IRD) has made temporary arrangements to provide the services through e-Services, e-Mails and telephone calls. Download IRD Notice No. PN/TPS/2020-5 | Dated: 12 Oct 2020
Withholding Tax on Interest paid by Banks or other Financial Institutions
Circular No. SEC/2018/01 [16 March 2018] Department of Inland Revenue has published a circular, which sets out explanatory notes and guideline to any Banks or other Financial Institution, to facilitate the application of the Section 84 of the Inland Revenue Act No. 24 of 2017, with effective from April 1, 2018, for the deduction of…
WHT Credit Schedules
Department of Inland Revenue has published the WHT Credit Schedule which is needed to submit for the year of assessment 2018/2019 after verification through RAMIS under the “Upload schedule Files / Documents” option. WHT Credit Schedule for Individuals WHT Credit Schedule for Partnership WHT Credit Schedule for Company
Submission of Transfer Pricing Disclosure Form (TPDF) has been allowed up to 30 June 2020
In addition to the notice issued under PN/Tax Return/2020-01 on 21.04.2020 allowing extension for submission of Transfer Pricing Disclosure Form (TPDF) has been allowed up to 30th June, 2020. Taxpayers who have submitted the Tax Return through e-service could upload the TPDF to the RAMIS system, and others are advise to e-mail a PDF copy of the…
Withholding Tax Return for the Y/A 2019/2020
Department of Inland Revenue has published Withholding Tax Return for the Y/A 2019/2020. Download: Statement of Withholding Tax – Y/A 2019/2020 Guidelines to Fill the Statement of Withholding Tax Schedules to Withholding Tax Return
Capital Gains Tax (CGT)
Principal Act Capital Gains Tax is governed by the Inland Revenue Act, No. 24 of 2017 (as amended). Scope of Liability & Chargeability CGT is payable on the gains from the realisation (e.g., sale, exchange, transfer) of investment assets. The gain is calculated as the amount by which the consideration received for the asset exceeds…