“Center for Handicapped” Organization Approved for Charity Purpose
New Gazette has been issued by approving “Center for Handicapped” Organization as a charitable Institution under the Inland Revenue Act No. 24 of 2017. Download Gazette: English | Sinhala
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…
Tax Residency Certificate (TRC)
Taking in to account the prevailing situation in the country, the Department of Inland Revenue has published a notice by specifying a temporary arrangement to obtain Tax Residency Certificates (TRC). Download IRD Notice
Suspension of the Notice of Recovery of Tax out of Debts
Department of Inland Revenue has published notice by informing to all Commercial Banks under Section 180 of the Inland Revenue Act No.10 of 2006 and Section 44 of the Value Added Tax Act No.14 of 2002 to recover the taxes in default has been suspended until December 31, 2020. Therefore, the Banks are instructed to halt…
Advance Personal Income Tax (APIT)
As you are already informed by the Inland Revenue Department (IRD) by its notice under the reference No. PN/IT/2020 – 03 (Revised) dated 08.04.2020 published in line with the instructions issued by the Ministry of Finance, subject to formal amendments to the Inland Revenue Act, No. 24 of 2017 (IRA), mandatory requirement under Section 83…
Quantification of Values for Non-Cash Benefits in calculating Employment Income – Circular No. SEC/2022/E/05(Revised) [07 February 2023]
The Circular SEC 2022/E/05 (Rev) issued by the Inland Revenue Department (IRD) of Sri Lanka provides guidance on the quantification of values for non-cash benefits in calculating employment income for tax purposes. The circular defines non-cash benefits as any benefit provided by an employer to an employee, other than cash, that has a monetary value….
Tax Payments & Returns due dates in the month of October 2021
Tax Payments & Returns due dates in the month of October 2021 Tax payments & Returns due Tax Payments & Returns due dates in the month of October 2021 dates and tax types & payment period codes for the month of October 2021 are as follows: OCTOBER 15TH Advance Personal Income Tax (APIT) for the…
Summary of amendments to VAT by Act No. 25 of 2018 – E&Y
As passed by Parliament on August 9, 2018 together with amendments moved at the Committee Stage of the Bill, and certified by the Hon. Speaker, the Value Added Tax (Amendment) Act, No. 25 of 2018 takes effect on August 16, 2018 (unless otherwise stated). The amendments made to the Value Added Tax Act, No. 14…
Losses on financial instruments
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.