The government has reissued ESC, NBT, PAL & Finance (DRL) Bills since which are published earlier lapsed due to the dissolution of parliament. Amendment to Economic Service Charge Act, No. 13 of 2006 – To remove the Economic Service Charge from January 1, 2020. Download English | Sinhala Bill Amendment to Nation Building Tax Act,…
Temporary VAT Registration issued for import or export, which gets expired prior to February 28, 2021 as per the certificate, has been extended till February 28, 2021. Download IRD Notice: PN/VAT/2020-15 | Dated: 31.12.2020
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…
The government has issued a Finance (Amendment) Bill which amends section 36 of the Finance Act, No. 35 of 2018 and the legal effect of the section as amended is to terminate the levying of Debt Repayment Levy with effect from January 1, 2020. Download: English | Sinhala
VAT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker 1.Supply of residential accommodation Effective from April 1, 2019, the supply of condominium housing is liable to VAT unless exempted. Exemptions a)The supply of a condominium housing unit of a condominium housing project and the maximum…
Implementation of Changes to Value Added Tax (VAT) as passed in Parliament on 23rd October 2019 IRD Notice on recent VAT Amendment
Department of Inland Revenue has published Guide to Corporate Tax Return of Income – Year of Assessment 2018/2019 Download English Guide Download Sinhala Guide
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]
Budget 2019 Budget speech – 2019 – English | Sinhala | Tamil Analysis by Tax Professionals: EY | KPMG | PwC | Deloitte
The Department of Inland Revenue has issued a critical update regarding Value Added Tax (VAT) administration. Per Gazette Extraordinary No. 2463/05, dated November 17, 2025, the Commissioner General of Inland Revenue (CGIR) has specified a mandatory format and specification for Tax Invoices. Subsequently, the Department of Inland Revenue has officially announced a postponement of the…
The public notice number PN/VAT/2020-14 issued on 30.12.2020 has been amended as follows. Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended up to April 30, 2021. Please note that this notice is issued with the awareness…
Notice published by the Ministry of Finance on 07 August 2019 The Cabinet of Ministers has approved the tax amendments proposed by the Finance Minister Mangala Samaraweera in his Budget 2019. Accordingly, the Cabinet has approved the Amendment Draft Bills on Nation Building Tax and Value Added Tax (VAT). Thus, the hotels, Guest house, Restaurants…
Download – Public ruling on year change approval – PR/IT/2019/01 (10/05/2019) Taxpayers who have already obtained the approval from Commissioner General to prepare their accounts for a period other than the year of assessment, in order to ascertain income tax payable. For the taxpayers who are willing to apply provisions of both former IR Act…
In Sri Lanka, the taxation landscape has been evolving, and one of the significant changes that have garnered attention is the imposition of a 5% Advance Income Tax (AIT) on interest and discount on deposits. This article delves into the critical aspects of this tax, as outlined in the Inland Revenue Department’s Circulars SEC/2022/E/02 and…