Lanka Tax Club

Department of Inland Revenue has published notice on Deduction of Withholding Tax from Service fees and Contract Payments with effect from 01 April 2018.

Department of Inland Revenue has published Draft manual for New Inland Revenue Act, No. 24 of 2017.

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.

Where a person conducting a banking business makes specific provision for a debt claim in accordance with the relevant directives made by the Central Bank of Sri Lanka, subject to conditions as set out in the gazette (attached). No provision made in respect of potential risk of credit facilities in accordance with the relative directives made…

The interest and repayment of capital under subsections (1) and (2) of section 31 of the Inland Revenue Act, No. 24 of 2017, shall be calculated as if the loan were a blended loan with interest compounded six-monthly or  other period which is considered by the generally accepted accounting principles.

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.

The Inland Revenue Act, No. 10 of 2006 shall not apply to any income tax, for any year of assessment commencing on or after April 1, 2018, unless otherwise stated in the Inland Revenue Act, No. 24 of 2017 or as regulated in the succeeding provisions.

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.

Exemption and concessionary rate of 2.5% for Ports and Airports Development Levy on import of each article specified in the gazette (Attached).    

Department of Inland Revenue has published New Circular No. SEC/2018/06 (by withdrawing the Circular No. SEC/2018/05) to Withholding Agents – Withholding from Payment made under Section 84 and 85 of the Inland Revenue Act No. 24 of 2017  

This set of guides, which explains very briefly the main provisions of the Inland Revenue Act No. 24 of 2017 (the Act) which provide the Department’s view point of the legal provisions and guidance to the general public and the taxpayers. It is intended to issue a Manual of Income tax providing comprehensive information and…

Section 2 of the Special Commodity Levy Act, No. 48 of 2007, impose in respect of the list of commodities specified in Column I of the Schedule hereto, a Special Commodity Levy at the rates specified in the corresponding entries in Column II of the Schedule in the attached gazette above. This Order shall be valid…

Section 2 of the Special Commodity Levy Act, No. 48 of 2007, impose, in respect of the list of commodity specified in Column I of the Schedule hereto a Special Commodity Levy, at the rate specified in the corresponding entry in Column II of Schedule in the gazette attached above. This Order shall be valid for a…