The Inland Revenue Department (IRD) has published a crucial Notice to Taxpayers (PN/SSCL/2026-04/1, dated April 16, 2026) outlining significant modifications to the Social Security Contribution Levy. These changes are mandated by the recently enacted Social Security Contribution Levy (Amendment) Act, No. 10 of 2026, which was certified by the Speaker on April 9, 2026. For…
The public notice number PN/VAT/2020-14 issued on 30.12.2020 has been amended as follows. Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended up to April 30, 2021. Please note that this notice is issued with the awareness…
The Inland Revenue Department (IRD) has issued a formal notice, SEC/PN/SSCL/2026-01, dated January 16, 2026, highlighting critical changes to the Social Security Contribution Levy (SSCL) framework. These changes stem from the Social Security Contribution Levy (Amendment) Act, No. 24 of 2025, which was officially certified on December 17, 2025. The amendment focuses on expanding exemptions…
PAYE, WHT, ESC, Stamp Duty, VAT on FS Interim Estimate & Transfer Pricing Disclosure Form Department of Inland Revenue has published a paper notice (PN/Tax Return/2020-01) by extending the following due dates of Tax Returns submission. Annual Declaration of Employer (PAYE Return) for the Y/A 2019/2020 is due on April 30, 2020 Annual Declaration of Employer…
The Department of Inland Revenue has now published in their website, the Withholding Tax Return, Schedule Templates and Guidelines applicable for the year of assessment 2018/2019, in terms of section 84 and 85 of the Inland Revenue Act No. 24 of 2017 and the Circular No. SEC/2018/06 published on 18 April 2018. Please find attached…
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…
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
The Inland Revenue Department has published the PAYE tables and the guidelines to be followed for the computation of withholding tax under the PAYE scheme for the period 1st January 2020 to 31st March 2020. Guideline: Instructions to Employers on Deducting Withholding Tax (PAYE) from Employment Income of employees Table – A: Rates for the…
Department of Inland Revenue has published notice by providing further instructions in addition to the notice published on 08.04.2020 (No. PN/PMT/2020-1) on Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility, by considering some practical issues encountered by the taxpayers. Download IRD Notice No.: PN/PMT/2020-3 | Dated: 14.05.2020
Tax payments & Returns due dates and tax types & payment period codes for the month of July 2021 are as follows: JULY 15TH Advance Personal Income Tax (APIT) for the month of June 2021 is due on July 15, 2021. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…
Download English| Sinhala Finance Bill to amend the Finance Act, No. 35 of 2018; to provide for the imposition of a Foreign Commercial Transactions Levy; and to provide for the matters connected therewith and incidental thereto.
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…
The Colombo Port City project, a Special Economic Zone (SEZ) in Sri Lanka, offers a number of tax incentives and exemptions to investors. These incentives are designed to attract foreign direct investment and boost economic growth. Tax Incentives A 50% concessionary rate of corporate income tax for up to 10 years. An enhanced capital allowance…