Nation Building Tax (NBT) [Amendments to the Nation Building Tax Act, No.9 of 2009] The exemption on the importation of rough unprocessed gem stones for re-export after cutting and polishing will be granted for the lapidary service providers registered under the National Gem & Jewellery Authority. Exemption on manufacturing cigarettes will be removed The cost…
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….
Income Tax (Amendments to the Inland Revenue Act, No.24 of 2017) Exemptions The Earnings by any non-resident person on any sovereign bond denominated in local or foreign currency will be exempted. Interest income earned by any resident person on sovereign bonds denominated in foreign currency, including Sri Lanka Development Bonds (SLDB) will be exempted. Interest…
Department of Inland Revenue has published updated SVAT Registered Persons (RIPs & RIPs) as at 20.02.2019. List of Registered Identified Suppliers (RISs) [20-02-2019] List of Registered Identified Purchasers (RIPs) [20-02-2019]
Department of Inland Revenue has published updated VAT Inactive List as at 20-02-2019. Download Inactive VAT List as at 20-02-2019
Companies incorporated under the Companies Act No. 07 of 2007 Request letter Affidavit Copy of Business Registration Certificate Copy of Form 01 Copy of From 20 NIC or Passport copy of Director who signed request letter Letter of authorization NIC or Passport copy of authorized person Proprietorship / Partnership Request letter Affidavit Copy of Business…
The Agreement between Sri Lanka and the Government of Ukraine in respect of Taxation The proposal made by Hon. Mangala Samaraweera, the Minister of Finance & Mass Media to enter into the Agreement at the Government level which is initialed by now at official level, between Sri Lanka and Ukraine for the avoidance of double…
Eminent lawyer Dr. K. Kanag-Isvaran highlights need for Tax Ombudsman at CA Sri Lanka’s 22nd Annual Tax Oration President’s Counsel Dr. K. Kanag-Isvaran, who is one of the country’s most respected lawyers highlighted the need for a “Tax Ombudsman” in Sri Lanka while delivering the keynote speech at the 22nd Annual Tax Oration of CA…
We have developed PAYE tax automatic calculator in excel under Inland Revenue Act No. 24 of 2017. If you wish to purchase and for more details please contact us via info@lankataxclub.lk | Contact Us
Value Added Tax (VAT) exemption that was applicable on certain goods and services including importation of air crafts and accessories, sawn timber and fabrics and sale of condominium housing units has been removed under the Value Added Tax (Amendment) Act, No.25 of 2018. However, considering the requests made by the relevant stakeholders in these fields,…
As per the amendments made to sub item (iv) of item (xxii) of paragraph (a) of the First Schedule to the Value Added Tax Act, No. 14 of 2002 (VAT Act) by the Value Added Tax (Amendment) Act, No. 25 of 2018, exemption granted on the import or supply of wood (sawn) from VAT is…
Any dividend paid to be shareholder of any company prior to April 01, 2019, out of any such dividend received by that company from any other company on which WHT 10% had been deducted prior to April 01, 2018 in accordance with the provisions of the Inland Revenue Act, No. 10 of 2006, such dividend…
Department of Inland Revenue has published Pay As You Earn (PAYE) Tax Calculator for Year of Assessment 2018/2019 which can be used for PAYE tax annual declaration purpose. Download PAYE Tax Calculator_1819_V1_E.