Withholding Tax from Investment returns
Department of Inland Revenue has published notice on Deduction of Withholding Tax from Investment returns with effect from 01 April 2018.
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Proposed Tax Reforms 2022
Prime Minister’s Media Division has published Proposed Tax Reforms in 2022 which are effective from 01 October 2022 other than the following: VAT Rate change from 8% to 12% Telecommunication Levy change from 11.25% to 15% Download the details version of the proposed Tax Reforms in 2022
A person who filed a Tax Return electronically (via e-Service) for the Y/A 18/19 shall continue to file Tax Returns in that manner
The IRD has informed that the taxpayers who had e-Filed the Return of Income for the last Year of Assessment (2018/ 2019), should e-File their Returns of Income for this year. Further, Returns of Income of such taxpayers have neither been printed nor posted for manual submission. IRD highly promotes all other taxpayers as well…
New NBT Amendment Act out
Nation Building Tax (Amendment) Act, No. 20 of 2018 is certified by the Hon. Speaker on 30th of July, 2018 to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the Act stated below. This amended is to limit the period of exemption granted to certain liquor identified under Harmonized Commodity Description and…
Tax Invoice in Sri Lanka: A Comprehensive Guide
A tax invoice is an essential document in the administration of Value Added Tax (VAT) in Sri Lanka. It serves as evidence of a taxable transaction between a VAT-registered supplier and customer. Understanding the key elements of a tax invoice and the regulations surrounding its issuance is crucial for compliance with Sri Lankan tax laws….
Tax on Cumulative Income from Employment – January to March 2020 [Updated]
Notice to the Employers and Employees Deduction of Tax on Cumulative Income from Employment for the Period 01.01.2020 – 31.03.2020 As you are already informed by the Inland Revenue Department (IRD) by its notice under the reference No. PN/IT/2020 – 03 (Revised) dated 06.04.2020 published in line with the instructions issued by the Ministry of…
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
Tax Payments & Returns due dates in the month of November 2021
Tax Payments & Returns due dates in the month of November 2021 Tax payments & Returns due Tax Payments & Returns due dates in the month of November 2021 dates and tax types & payment period codes for the month of November 2021 are as follows: NOVEMBER 15TH Advance Personal Income Tax (APIT) for the…
Amendment to Teledrama, Film and Commercials Levy
Ministry of Finance has issued a Gazette by amending the Finance (Teledrama, Film and Commercials Levy) Regulations, No. 1 of 2017, published in the Gazette Extraordinary No. 2044/21 of November 07, 2017. Download Gazette: 2168/9
Revision of Excise Duty on Liquor
New gazettes has been issued on revision of Excise Duty on Liquor. Revision of Excise Duty on Liquor – Gazette No. 2152-11 | Date: 03.12.2019 Revision of Excise Duty on Imported Liquor – Gazette No. 2152-12 | Date: 03.12.2019 Revision of Excise Duty on Liquor – Gazette No. 2152-13 | Date: 03.12.2019
ESC (Amendment) Bill on removal of ESC
This bill amends section 2 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to remove the Economic Service Charge from January 1, 2020. Download: English | Sinhala
Receipt of Inward Remittances for Exports and Adjustment of Input Value Added Tax (VAT)
Department of Inland Revenue has published a paper notice on Receipt of Inward Remittances for Exports and Adjustment of Input Value Added Tax (VAT). Download Paper Notice No: PN/VAT/2021-06 | Dated: 05.08.2021
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
Gazette to be released on Budget 2019
Following gazettes to be released on Budget 2019. DATE GAZETTE NO. DESCRIPTION DOWNLOAD 09-04-2019 2118/24 Luxury Tax on Motor vehicles Click here to download 04-04-2019 2117/48 Gazette Notification Issued under Excise (Special Provisions) Act to Release Vehicles Laying in Hambantota Port in 2015 – 2017 Click here to download 04-04-2019 2117/48 Application Specified in Schedule…