Special Commodity Levy on Maldive Fish, Black Gram, Chillies etc
Order to impose special Commodity Levy on Maldive Fish, Black Gram, Chillies etc., w.e.f. 19.01.2018 for a 6 months period. Download – English Download – Sinhala Download – Tamil
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Special Goods and Services Tax Bill – 2022
This is to provide for the imposition of a special goods and services tax, in lieu of the sums chargeable on such specified goods and services by way of tax, duty, levy, cess or any other charge imposed by law; to promote self-compliance in the payment of taxes in order to ensure greater efficiency in…
Extension of Submission Date of Transfer Pricing Disclosure Form for the Year of Assessment 2018/2019
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…
Losses on financial instruments
Loss on a financial instrument is occurred as the circumstance in which loss on a financial instrument set against the gain from same type of financial instrument.
INLAND REVENUE ACT, No. 24 oF 2017
INLAND REVENUE ACT, No. 24 OF 2017 Inland Revenue Act No. 24 of 2017 – English Inland Revenue Act No. 24 of 2017 – Sinhala Certified on 24th of October, 2017
Pay As You Earn (PAYE)/ Advance Personal Income Tax (APIT) Return and Schedules
Pay As You Earn (PAYE)/ Advance Personal Income Tax (APIT) Return and Schedules for the Y/A 2020/2021 Return Annual Statement of Employer – APIT (YA 2020/2021) Guide Instructions to Complete the Annual Statement of Employer and Schedules Schedule – PDF Schedule 01 – For Remuneration Other than and Once and for all Payments Schedule 02…
Parliament passed the Nation Building Tax Bill by limiting and granting new exemptions
NBT Bill passed by the parliament together with Committee Stage amendment on 18 July 2018. Department of Inland Revenue has published a notice for the same on 20 July 2018. Relevant notice is attached above for your reference.
IRD Circular to Banks and Financial Institutions – WHT on Interest
Department of Inland Revenue has published a circular to Banks / Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions Download Circular No. SEC/2019/04 [27 December 2019]
Proposed Revisions to Inland Revenue Act, No. 24 of 2017
An extract of a notice published in the Ministry of Finance website relating to Inland Revenue Act, No. 24 of 2017 is quoted below for your information. “Policy Decisions on the Amendment to Inland Revenue Act, No.24 of 2017” PUBLISHED ON 11TH OCTOBER 2018 The amendments to the Inland Revenue Act, No.24 of 2017, as proposed…
What is Employment Income | How to calculate Assessable Income from Employment for the Y/A 2023/2024 & Y/A 2024/2025
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…
President removes tax imposed on gem and jewelry industry
Rs. 1 million loan facility at 4% interest rate for jewelry manufacturers. President Gotabaya Rajapaksa decides to remove the 14% income tax imposed on the profit earned by the gem and jewelry manufacturers and the 15% tax on gold imports. The income tax concession given to the gem and jewelry industry since 1971 was done…
PAYE Tax Tables for the period 01 January 2020 to 31 March 2020
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…
Certain Healthcare Services are exempt from Value Added Tax (VAT)
Department of Inland Revenue has published notice on Implementation of Changes to Value Added Tax (VAT) on Healthcare Services as published in the Extraordinary Gazette. As per the Extraordinary Gazette notification No. 2076/06 dated 2nd July 2018, for any period from 2nd July 2018, value of supply of Healthcare Services should comprise only the Hospital…