Following changes are going to be incorporated to Economic Service Charge Act, No. 13 of 2006; Amendments to Section 22 – to specify the base for charging the service charge for importation of motor vehicles Amendments to Schedule IV – to specify the service charge on wholesale or retail sales of petrol, diesel, and kerosene
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…
IRD has published updated (25.06.2018) document for Values of Non Cash Benefits for the purpose of PAYE. Non Cash Benefits can be categorized mainly into four as follows; Value of Company shares awarded by Employer . Value of benefits from any residence provided by the Employer Value of Transport Facilities provided by the Employer Other…
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.
Updated Primary Employment Declaration Form – Added separate line for “Employee NIC/Passport No.” Every employee is required to furnish Primary Employment Declaration Form, to the employer nominating his primary employment under New IRA. A declaration must be signed and dated by the employee and the employer, and may relate to one or more years of assessment….
Under Section 107 (7) of the Inland Revenue Act, No. 24 of 2017, Commissioner General of Inland Revenue order to pay a sum of Rs. 25,000/= as the fee to be charged in relation to an application for a private ruling requested by a taxpayer.
As per the section 195 of the Inland Revenue Act, No. 24 of 2017, “Authorized Representative” means any individual who is authorized in writing by a person to act on his behalf from time to time for the purposes of this Act and who is – (a) in any case- a member of the Institute of…
Based on the cabinet decision taken on 27.03.2018, Nation Building Tax (Amendment) [Issued on 31.05.2018] is under bill stage (I,e. Subject to enacted by the parliament). to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the bill stated below. This amended is to limit the period of exemption granted to certain…
Following taxes or other levies are not deductible when calculating a person’s income under New Inland Revenue Act. Income Tax Economic Service Charge Value Added Tax on Financial Services Nation Building Tax on Financial Services Crop Insurance Levy Supper Gain Tax Bars and Taverns Levy Casino Industry Levy Mobile Telephone Operator Levy Satellite Location Levy…
Department of Inland Revenue has published notice on Deduction of Withholding Tax from Investment returns with effect from 01 April 2018.
Department of Inland Revenue has published notice on Deduction of Withholding Tax from Service fees and Contract Payments with effect from 01 April 2018.
Employers are required to issue all employees details of the tax deductions made during the year in the Certificate of Tax Deduction (T 10 form), before the expiry of the 30th day of April in the following year (30 April 2018). Certificate of Income Tax Deductions – (P.A.Y.E./T.10 (new)) Certificate of Income Tax Deductions – Under Section…
Circumstances under which a taxpayer may designate an authorized representative to communicate with the Inland Revenue Department on behalf of the taxpayer as set out in the gazette (attached) effective from 01.04.2018.