Quick Guide on How to File Value Added Tax on Financial Service (VATFS) Return
Department of Inland Revenue has published a quick guide on “How to File Value Added Tax on Financial Service (VATFS) Return”. Click here to Download the Guide
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5% VAT on imports or local supply of wood (sawn)
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…
PAYE Tax automatic calculator – Excel
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
Customs changes on Budget 2021
Customs changes on Budget 2021 are as follows; 2021 Budget Import Cess Letter 2021 Budget Import Cess Annexure Order under Section 14 of Sri Lanka Export Development Act No. 40 of 1979 Revenue Protection Order No.08.2020 published under Revenue Protection Act No. 19 of 1962 Special Commodity Levy Act No. 48 of 2007
Tax Payments & Returns due dates – December 2020
Tax payments & Returns due dates and tax types & payment period codes for the month of December 2020 are as follows: DECEMBER 15TH Advance Personal Income Tax (APIT) for the month of November 2020 is due on December 15, 2020 – Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax…
Losses on financial instruments
Loss on a financial instrument is occurred as the circumstance in which loss on a financial instrument set against the gain from same type of financial instrument.
INLAND REVENUE ACT, No. 24 oF 2017
INLAND REVENUE ACT, No. 24 OF 2017 Inland Revenue Act No. 24 of 2017 – English Inland Revenue Act No. 24 of 2017 – Sinhala Certified on 24th of October, 2017
IRD Notice: Reimbursement of Value Added Tax (VAT) to the Purchasers of Agricultural Tractors
The attached notice is from the Inland Revenue Department of Sri Lanka (IRD) regarding the reimbursement of Value Added Tax (VAT) to the purchasers of agricultural tractors. The notice states that the importation of agricultural tractors was exempted from VAT with effect from January 1, 2015, but that VAT was charged on agricultural tractors imported…
Guideline on Terminal Benefits
Department of Inland Revenue has issued a circular on Guideline for Employees Trust Fund (ETF), all Provident Funds & all Employers – Circular No. SEC/2020/02 [18 February 2020] Download Circular No. SEC/2020/02
Furnishing of Tax Clearance Certificate to Banks
Circular to Commercial Banks and Specialized Banks – Furnishing of Tax Clearance Certificate to Banks Circular No. SEC/2017/05 [16 November 2017]
Gazette on New VAT Rate 12% w.e.f. 01 June 2022
Minister of Finance has published a gazette notification on VAT rate change on the following. Order declares that : The Value Added Tax shall be charged ; On import of goods set out in the H. S. Code and description specified in Column I and II of Schedule of the Extraordinary Gazette Notification No. 2095/20…
Special Notice on Tourist VAT Refund Scheme
Department of Inland Revenue has suspended Tourist VAT Refund scheme until further notice. Refer to the notice below. Special Notice on Tourist VAT Refund Scheme
Suspension of the Notice of Recovery of Tax out of Debts
Department of Inland Revenue has published notice by informing to all Commercial Banks under Section 180 of the Inland Revenue Act No.10 of 2006 and Section 44 of the Value Added Tax Act No.14 of 2002 to recover the taxes in default has been suspended until December 31, 2020. Therefore, the Banks are instructed to halt…
Due date of submission of PAYE and WHT Returns extended
Department of Inland Revenue has extended due date of submission of PAYE Annual Declaration and WHT Return for the Y/A 2018/19 up to May 15, 2019. IRD Notice