Custom Notice on Vehicle Entitlement Levy effective from 01.01.2019
Sri Lanka Customs has published a notice on Vehicle Entitlement Levy effective from 01.01.2019. Download Customs Notice
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Telecommunications Levy will be charged at 15% with effective from 10 November 2018
Telecommunications Regulatory Commission has issued a letter on 09 November 2018 by confirming the rate reduction from 25% to 15% with effective from 10 November 2018 and requested to implement from all telecommunication service providers. Download Letter
Tourist VAT Refund Scheme (TVRS)
Updated : December 5, 2018 Section 58A which relating to the Tourist VAT Refund Scheme (TVRS) shall come into operation from September 11, 2018 under the Value Added Tax Act, No. 14 of 2002 amended by the Value Added Tax (Amendment) Act, No. 25 of 2018. Gazette for effective date of Tourist VAT Refund Scheme (TVRS)…
Five year Tax exemption on Agro industry
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…
No more VAT on importation of Woven Fabrics
Value Added Tax shall be charged at zero rate (0% ) on the importation or supply of imported goods specified under H. S. Code and description published in the Gazette No. 2095/20. Download Gazette : English | Sinhala
IRD Notice on Debit Repayment Levy (DRL)
Department of Inland Revenue has published a notice on Debit Repayment Levy (DRL) under following headings; Imposition of DRL Monthly Payments & Submission of Value Addition Statement Submission of Return Download IRD Notice on Debit Repayment Levy (DRL) Monthly Value Addition Statement of Debt Repayment Levy
Finance minister revives the Tax Appeals Commission
The Tax Appeals Commission (TAC) which has been inactive for some time has now been revived with the reappointment of Justice Hector Yapa as Chairman and Justice Sunil Rajapakse and Mr. S. Swarnajothi Former Auditor General as members by Hon. Prime Minister Mahinda Rajapakse as the Minister of Finance and Economic Affairs. The TAC was established…
Summary of Provisions in the Finance Act No. 35 of 2018
The Finance Act No. 35 of 2018 has been enacted (Certified on November 01, 2018) consequent to the respective proposals made in the Budget 2018, to provide for the amending of certain levies, taxes or fees imposed under respective Finance Acts, and for the imposition of certain new levies, taxes or fees. Outline of the…
New policy changes
An extract of a notice published in the Ministry of Finance website is quoted below for your information. PUBLISHED ON 2ND NOVEMBER 2018 Download His Excellency the President, and the Honorable Prime Minister and Minister of Finance and Economic Affairs have raised concerns regarding the serious setback in the economy as reflected in the persistently low…
Gazetted Canadapura Children’s Home as an approved Charity
‘‘Canadapura Children’s Home’’ is declared by the Minister by notice published in the Gazette to be an approved charity for the purposes of Section l (a) (ii) of Fifth Schedule of the Inland Revenue Act, No. 24 of 2017. Click here to download the Gazette
Public ruling on taxpayers who have been granted the approval to change the accounting period – PR/IT/2018/01
Department of Inland Revenue has issued a new public ruling on taxpayers who have been granted the approval to change the accounting period under the Inland Revenue Act No. 10 of 2006. Download the Public Ruling – PR/IT/2018/01
Application Form for Profile Update (For Company)
Department of Inland Revenue has published a Application Form for Profile Update (For Company). Click here to download Application All taxpayers are required to update their profile with the relevant activity code in the IRD system. This can be done by updating the profile information via e-Service or by sending the requested information and documents…
Proposed Revisions to Inland Revenue Act, No. 24 of 2017
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…
Economic Service Charge (Amendment) Act, No. 33 of 2018
Economic Service Charge (Amendment) Bill was certified on 04th of October, 2018 and now available the new Economic Service Charge (Amendment) Act, No. 33 of 2018. Summary: Valuation basis of import of vehicles Prior to the Amendment Act, the import of motor vehicles was liable to ESC on the CIF value of the consignment. The…