Surcharge Tax Return and Guide
Department of Inland Revenue has published Surcharge Tax Return and Guide. Surcharge Tax Return Surcharge Tax Return Guide Click here to refer to Surcharge Tax
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Circular to Banks and Financial Institutions – Withholding Tax on Interest
Department of Inland Revenue has published circular to Banks and Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions. Download – Circular No. SEC/2020/01 [29 January 2020] Previous Circular – Circular No. SEC/2019/04 [27 December 2019]
Application Form for Profile Update (For Company)
Department of Inland Revenue has published a Application Form for Profile Update (For Company). Click here to download Application All taxpayers are required to update their profile with the relevant activity code in the IRD system. This can be done by updating the profile information via e-Service or by sending the requested information and documents…
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…
Extension of Time to Remit Tax to the Inland Revenue Department
Notice to ETF Board, Provident Funds and Employers who have retained the Tax on Terminal Benefits to Retiring Employees; Any amount retained by the ETF Board, any Provident Fund or Employer, as income tax on terminal benefits due for the retiring employees for which such employees were required to produce a Direction from the IRD…
Certificate of Tax Deductions – T10
Department of Inland Revenue has published Certificate of Income Tax Deductions prescribed under Section 87 of the Inland Revenue Act, No. 24 of 2017. Certificate of Income Tax Deductions - Primary Employment – (PAYE/T10(new)) Certificate of Income Tax Deductions - Secondary Employment – (PAYE/T10(new)/D)
Record Keeping Regulations No. 1 of 2017 under the Value Added Tax Act
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…
VAT (Amendment) Act No. 9 of 2021
The government has issued an amendment to the Value Added Tax Act No 14 of 2002. The Value Added Tax (Amendment) Act was passed in Parliament on 4 May 2021 and certified on 13 May 2021 by the Hon. Speaker. Download Value Added Tax (Amendment) Act No. 9 of 2021 – English | Sinhala EY Tax Alert | A Bill to…
New Gazette on Ports and Airports Development Levy – 2125/64
New Gazette has been signed by Finance Minister on Ports and Airports Development Levy Act No.18 of 2011 – 2125/64 Gazette Notification No. 2125/64
Quick Guide for “How to file Individual Income Tax (IIT) Return”
Department of Inland Revenue has published a Quick Guide for “How to file Individual Income Tax (IIT) Return”. Download IIT Quick Guide
IRD Notice on recent NBT Amendment
Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment
Extension for Tax on Terminal Benefits till June 30, 2021
Notice to ETF Board, Provident Funds and Employers who have retained the Tax on Terminal Benefits to Retiring Employees. Any amount retained by the Employees’ Trust Fund (ETF) Board, any Provident Fund or Employer (hereinafter referred to as the “Retainers”) as per the Guideline published by Circular No. SEC/2020/02 of the Commissioner General of Inland…
Economic Service Charge (ESC) – ආර්ථික සේවා ගාස්තු
Economic Service Charge (ESC) – ආර්ථික සේවා ගාස්තු ESC is levied under ESC Act No.13 of 2006 [as amended by the ESC (Amendment) ActNo.15 of 2007, No.11 of 2008, No.16 of 2009, No.11 of 2011, No.11 of 2012, No.6 of 2013, No. 9 of 2014, No.13 of 2015 and No.7 of 2017, respectively]. CHARHEBILITY…
Tax Payments & Returns due dates in the month of February 2021
Tax payments & Returns due dates and tax types & payment period codes for the month of February 2021 are as follows: FEBRUARY 15TH Corporate Income Tax (CIT) 3rd Instalment for the Y/A 2020/2021 is due on February 15, 2021. Tax Type: 02 Period Code: 20213 Individual Income Tax (IIT) 3rd Instalment for the Y/A 2020/2021 is…