A new guideline has been prepared for the period from 01.01.2020 to 31.03.2020 and uploaded in the IRD web portal of the Department (Link) to provide instructions to the employers to deduct Withholding Tax under the PAYE Scheme, as instructed by the Ministry of Finance, (subject to formal amendment to the Inland Revenue Act, No….
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…
Following changes are going to be incorporated to Value Added Tax Act, No. 14 of 2002; Amendments to Section 22 – Local sale of certain garments by export oriented companies Amendments to Section 25A – Sri Lanka Deposit Insurance Scheme Amendments to Section 25C – To limit the taxable period New section 58A – Refund of tax…
Electronic filing facility through e-service is available for filing the Return of Income for Companies, Partnerships and Individuals. A Company or a Partnership or an Individual should have a Personal Identification Number (PIN) and also a Company or a Partnership should have a Special Staff Identity Number (SSID) or SSID numbers for e-filing. Download IRD…
The Hon. Minister of Finance and Mass Media has granted approval, in terms of Section 19A of the Customs Ordinance as amended, to grant general duty waiver of Customs Import Duty on importation of Petrol and Diesel w.e.f. December 15, 2017. Customs Duty Waiver on Petrol and Diesel Effective from 2017.12.15 Source : www.customs.gov.lk
As approved by the Cabinet of Ministers and instructed by the Ministry of Finance on December 31, 2019, pending formal amendment to the Inland Revenue Act No. 24 of 2017, WHT on service fee payable to any Resident Individual {whose payment made by any WHT Agent exceeding Rs. 50,000/- per month and deducted at 5%…
Notice to the Commercial Banks & Authorized Dealers Engaged in Outward Remittances and the Persons who make Outward Remittances. Requirement of Tax Clearance Certificates for Outward Remittances Due to the prevailing situation of the country affected by the Covid-19 pandemic, the Inland Revenue Department is not in a position to issue Tax Clearance Certificates to the persons who…
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…
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
Department of Inland Revenue has published a notice as per the approval granted by the Cabinet of Ministers and instructed by the Ministry of Finance on April 24, 2020, the supply of services in respect of inbound tours by a travel agent registered with the Sri Lanka Tourism Development Authority is exempt from Value Added…
Tax payments & Returns due dates and tax types & payment period codes for the month of November 2020 are as follows: NOVEMBER 15TH Corporate Income Tax (CIT) 2nd Instalment for the Y/A 2020/2021 is due on November 13, 2020 (Since November 14th & 15th fall on holidays) Tax Type: 02 Period Code: 20212 Individual Income…
ALL TAXES IN SHORT – TODAY AT 8:00 PM (13 SEPTEMBER 2023) 📌 Individual Income Tax (IIT), Corporate Income Tax (CIT), Partnership Income Tax (PIT), Value Added Tax (VAT), Simplified Value Added Tax (SVAT), VAT on Financial Service (VAT FS), Advance Income Tax (AIT), Capital Gain Tax (CGT), Stamp Duty (SD), Share Transaction Levy (STL),…
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
Temporary VAT Registration issued for import or export, which gets expired prior to February 28, 2021 as per the certificate, has been extended till February 28, 2021. Download IRD Notice: PN/VAT/2020-15 | Dated: 31.12.2020