Department of Inland Revenue has published updated schedules for WHT Credit which are required to be submitted together with Income Tax Return. Individuals Schedule for Withholding Tax Credit Schedule for Withholding Tax Credit (Amendment) Partnerships Schedule for Withholding Tax Credit Schedule for Withholding Tax Credit (Amendment) Resident, Non-Resident Companies, Entities and Corporations, etc. Schedule for…
Extension of Time to Remit Tax to the Inland Revenue Department Any amount (in lieu of income tax) retained by the Employees’ Trust Fund Board (ETF), any Provident Fund or Employer as per the Circular No. SEC/2020/02 of the Commissioner-General of Inland Revenue dated 18.02.2020, as tax on terminal benefits due for the retiring employees for which…
Taking into account of the COVID – 19 pandemic situation in the country, period of validity of Temporary VAT Registration issued on or after 01.01.2019 for import or export, which gets expired on or before June 30, 2021 as per the certificate, has been extended up to June 30, 2021. Temporary registration is issued only to persons…
Schedule File Verifier – Version: 3.7.4 Department of Inland Revenue has issued new version of schedule file verification tool to verify schedules (VAT/SVAT/PAYE/WHT) and submit via E-filing.
As you are already informed by the Inland Revenue Department (IRD) by its notice under the reference No. PN/IT/2020 – 03 (Revised) dated 08.04.2020 published in line with the instructions issued by the Ministry of Finance, subject to formal amendments to the Inland Revenue Act, No. 24 of 2017 (IRA), mandatory requirement under Section 83…
Inland Revenue Department (IRD) issued new guidance regarding the Country-by-Country Reporting (CbCR) and CbCR notification requirements, introducing significant changes in the compliance obligations for affected taxpayers. The new guidance includes, among others, an extension for the filing of the CbCR notification; and a significant change relating to the threshold for CbCR purposes, which is in line…
Ministry of Finance has published New Gazette on VAT changes with effect from 1 December 2019. Download Gazette 2151/52 – English Download Gazette 2151/52 – Sinhala
Taking into consideration of Covid-19 pandemic situation it was made possible to submit the said statements up to 31.12.2020 without subject to penalties. Considering the requests of the withholding agents due to difficulties still existing to submit, they are informed that penalties for failure to file the statement on time as provided in the IRA…
Individuals other than who are in employment Resident employee who has furnished the Primary Employment Declaration* to Employer (Employee who is Resident & Citizen / Non-Citizen) Employee who is Non-Resident and Non-Citizen Any employee who has not furnish the primary employment declaration, or any employee employed under more than one employer * Primary Employment Declaration Form Every…
Department of Inland Revenue has published a sample format of Individual Income Tax Return and Guide to filling the Return & Schedules for the Y/A 2019/2020. Download: Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [Asmt_IIT_003_E] Guide to filling the Return & Schedules – [Asmt_IIT_004_E]
New Gazette for the circumstances to withhold tax from payments where the payments made to any employee and rates of tax to be withheld from such payments under paragraph (1) of Section 83 read with item (a) of sub paragraph (1) of paragraph 10 of First Schedule of the Inland Revenue Act, No. 24 of 2017.
Central Bank of Sri Lanka published on 19 March 2020 The Central Bank of Sri Lanka introduces Urgent Measures to Ease the Pressure on the Exchange Rate and Prevent Financial Market Panic due to the COVID-19 Pandemic. As per the provisions of the Monetary Law Act No. 58 of 1949, the Banking Act No. 30…