Department of Inland Revenue has issued a new public ruling on taxpayers who have been granted the approval to change the accounting period under the Inland Revenue Act No. 10 of 2006. Download the Public Ruling – PR/IT/2018/01
Download English| Sinhala Finance Bill to amend the Finance Act, No. 35 of 2018; to provide for the imposition of a Foreign Commercial Transactions Levy; and to provide for the matters connected therewith and incidental thereto.
Daily FT : 11 October 2017 Digital signature, trade information portal and several key functions to be effective from next year, Single Window blueprint ready for July 2018 On track to achieve Govt. revenue target of Rs. 1 trillion Customs DG keen on enhancing efficiency with technology, people-less offices In a major boost to streamline trade, Sri…
Finance Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.Luxury Tax on Motor Vehicles The Finance Act, No. 35 of 2018 provided for the imposition of a Luxury Tax on Motor Vehicles on every specified motor vehicle. The definition of specified motor vehicle has been…
Department of Inland Revenue has published the list of Economic Activity Codes proposed for the purpose of Profile Update of Taxpayer’s, Principal Activity of Business. Click here to Download PDF version Click here to Download EXCEL version
Extension of Time to Remit Tax to the Inland Revenue Department Any amount (in lieu of income tax) retained by the Employees’ Trust Fund Board (ETF), any Provident Fund or Employer as per the Circular No. SEC/2020/02 of the Commissioner-General of Inland Revenue dated 18.02.2020, as tax on terminal benefits due for the retiring employees for which…
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…
Department of Inland Revenue has published a Notice for by instructing Partnerships and Partners in a Partnership to compute the income tax payable (subject to the provisions of the IRA) for the Year of Assessment 2019/2020. Download IRD Notice PN/IT/2020-05 (06.05.2020): English | Sinhala
Tax publication on new Inland Revenue Act – EY The Inland Revenue Bill published by Gazette on 19 June 2017 along with amendments made at the Committee stage was passed by Parliament on 7 September 2017 and will become an Act of Parliament once it receives the certification of the Hon. Speaker. The new Act provide…
The return of Nation Building Tax (NBT) for Quarter ended with December 31, 2019, is required to furnish on or before January 20, 2020. Accordingly, any person/partnership who/which engages in the business of processing of any locally procured agricultural produce in the preparation for sale and his/its liable turnover exceeds twenty-five million (Rs. 25 Mn,)…
Apply Online: Link (Applications are closing on 03rd June 2022) Visit PIM MBA in Taxation programme page: Click here Who Can Apply Eligibility to apply for admission to the MBA-T Degree programme is determined according to the following criteria: One of the following qualifications: A Bachelor’s Degree, from a recognized university with at…
Department of Inland Revenue has published notice on Deduction of Withholding Tax from Investment returns with effect from 01 April 2018.
Central Bank has issued a circular on concessions granted to Tourism Industry. Circular No. 07 of 2019 (on 08.05.2019)