Department of Inland Revenue is now accepting Statement of Estimated Tax Payable (SET) via e-Service with effective from the Y/A 2021/2022. Statement of Estimated Tax Payable (SET) is due on 15 August 2021 for the first quarter ended 31 June 2021 for the YA 2021/2022. Click here to Download Quick Guide Publish by the Department of…
Central Bank of Sri Lanka published on 19 March 2020 The Central Bank of Sri Lanka introduces Urgent Measures to Ease the Pressure on the Exchange Rate and Prevent Financial Market Panic due to the COVID-19 Pandemic. As per the provisions of the Monetary Law Act No. 58 of 1949, the Banking Act No. 30…
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]
Department of Inland Revenue has published updated VAT Inactive List as at 20-02-2019. Download Inactive VAT List as at 20-02-2019
NBT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.New Exemptions 1.1 Importation of any project related article by a BOI enterprise Importation of any project related article by an enterprise which has entered into an agreement with the BOI of Sri Lanka under section…
Department of Inland Revenue has published Specimen and Guide to filling the Income Tax Return – Y/A 2017/2018 Individuals Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [IIT_4R_3(3)_E] Guide to filling the Return & Schedules – [IIT_IR14_E] Tax Calculator (For Taxpayer calculation purpose only) Partnerships Return of…
Department of Government Information has published Press Briefing on Cabinet Decisions on 04 June 2020 by exempting penalties of all income tax unpaid due to the COVID-19 pandemic. Accordingly, late payment charges will not be imposed for the payments made up to June 30, 2020. From July onwards, late payments will be fined. Download Press…
Supply of residential accommodation by way of sale of Condominium housing unit by any person is exempt from VAT with effect from December 01, 2019. Accordingly, VAT is not applicable on the sale of condominium Housing Unit with effect from December 01, 2019, subject to formal amendment to the Value Added Tax Act No. 14…
Department of Inland Revenue has published an updated VAT Quick Guide by including instructions on newly introduced VAT schedules on Export of Goods and Services. VAT Schedule 06 : Article Export VAT Schedule To understand more about the structure of the VAT schedule 06 file, what the individual fields mean and the naming convention required,…
IRD Notice on Taxpayer Registration, Income Tax Payments and Furnishing Return of Income for the Year of Assessment 2019/2020. In accordance with the amendments to the Inland Revenue Act, No. 24 of 2017 passed in Parliament on the May 4, 2021; Resident individuals whose employment income was subjected to PAYE prior to January 1, 2020…
Department of Inland Revenue has suspended Tourist VAT Refund scheme until further notice. Refer to the notice below. Special Notice on Tourist VAT Refund Scheme
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…
In line with the directions issued by the Presidential Secretariat on March 23, 2020 to provide relief measures due to Covid 19 outbreak, the Department of Inland Revenue has published a paper notice on Withholding Tax (WHT) Payments for the Months of February and March 2020. Withholding agents and withholdees who are liable to make the payments…