UPDATE: Implementation of New Standardized Tax Invoice Format Postponed to April 2026

The Department of Inland Revenue has issued a critical update regarding Value Added Tax (VAT) administration. Per Gazette Extraordinary No. 2463/05, dated November 17, 2025, the Commissioner General of Inland Revenue (CGIR) has specified a mandatory format and specification for Tax Invoices. Subsequently, the Department of Inland Revenue has officially announced a postponement of the…

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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

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IRD Notice to ETF Board, Provident Funds and Employers who have retained the Tax on Terminal Benefits to Retiring Employees

Extension of Time to Remit Tax to the Inland Revenue Department Any amount (in lieu of income tax) retained by the Employees’ Trust Fund Board (ETF), any Provident Fund or Employer as per the Circular No. SEC/2020/02 of the Commissioner-General of Inland Revenue dated 18.02.2020, as tax on terminal benefits due for the retiring employees for which…

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Capital Gain Tax (CGT)

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…

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Revised notice on issuing Tax Residency Certificates

Extension for validity of Outward Remittance Clearances issued for covering specified period of time

Taking into account the prevailing Covid-19 pandemic situation in the country, the Commercial Banks, Authorized Dealers engaged in outward remittances and the person who make the outward remittances are hereby informed to treat that the validity of Outward Remittance Clearances issued for covering specified period of time (which are expiring on or after December 31, 2020) by…

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New Excise (Amendment) Act

An amendment has been issued by amending following sections to Excise Act; Amends section 30 of the Excise Ordinance (Chapter 52) and the legal effect as amended is to expand the Categories of persons required to keep instruments. Amends section 32 of the principal enactment and the legal effect as amended is to empower the Minister…

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