VAT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker 1.Supply of residential accommodation Effective from April 1, 2019, the supply of condominium housing is liable to VAT unless exempted. Exemptions a)The supply of a condominium housing unit of a condominium housing project and the maximum…
Department of Inland Revenue has published an amended notice on proposed changes to the Inland Revenue Act No. 24 of 2017. Download IRD Notice on Implementation of Proposed Changes to the Inland Revenue Act, No. 24 of 2017 (PN/IT/2020-03 – [Amended])
Gazette on the Services are prescribed for the purpose of subparagraph (v) of paragraph (a) of subsection (1) of section 85, as being the services rendered with a source in Sri Lanka and is paid to a resident individual.
The gazette has been issued regulations on Transfer Pricing under Inland Revenue Act No. 24 of 2017 – Gazette No. 2104/4. Download English Gazette No. 2104/4 Download Sinhala Gazette No. 2104/4
Department of Inland Revenue has published notice by taking into the account of the prevailing situation in the country, Submission of Transfer Pricing Disclosure Form (TPDF) has been allowed up to 30th April 2020. Taxpayers who have access to the e-Services, can submit TPDF through e-service and others can send PDF copy of the TPDF…
Department of Inland Revenue has published a paper notice on income tax exemption on interest accrued or derived from Special Deposit Account. Download IRD Notice: PN/IT/2020-08 | Dated: 26.10.2020
Department of Inland Revenue has published a Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019. Download – Sample Format of Individual Income Tax Loss Adjustment Sheet – 2018/2019
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
Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment
Department of Inland Revenue has published a public notice by amending the public notice number PN/VAT/2020-05 issued on 28.04.2020 as follows. VAT Deferment Facility on Imports at the Customs/BOI 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…
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
Employment income is an essential component of taxation, representing the total gains and profits derived from an individual’s employment. This includes all remuneration received in cash or kind from an employer as compensation for services rendered. For the year of assessment (Y/A) 2023/2024 in Sri Lanka, employment income plays a pivotal role in calculating the…
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…
REGULATIONS made by the Minister of Finance under section 75 read with section 64 of the Value Added Tax Act, No. 14 of 2002. These regulations operate effective for the requirement of the sections, and the Regulations published in the Gazette Extraordinary No. 1024/8 of April 21, 1998 are hereby rescinded. Download – English Download…