Lanka Tax Club

The attached notice is from the Inland Revenue Department of Sri Lanka (IRD) regarding the reimbursement of Value Added Tax (VAT) to the purchasers of agricultural tractors. The notice states that the importation of agricultural tractors was exempted from VAT with effect from January 1, 2015, but that VAT was charged on agricultural tractors imported…

Department of Inland Revenue has published Pay As You Earn (PAYE) Tax Calculator for Year of Assessment 2018/2019 which can be used for PAYE tax annual declaration purpose. Download PAYE Tax Calculator_1819_V1_E.

Department of Inland Revenue has published a Quick Guide for “How to file Individual Income Tax (IIT) Return”. Download IIT Quick Guide

Based on the cabinet decision taken on 27.03.2018, Nation Building Tax (Amendment) [Issued on 31.05.2018] is under bill stage (I,e. Subject to enacted by the parliament). to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the bill stated below. This amended is to limit the period of exemption granted to certain…

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.

Tax payments & Returns due dates and tax types & payment period codes for the month of December 2020 are as follows: DECEMBER 15TH Advance Personal Income Tax (APIT) for the month of November 2020 is due on December 15, 2020 – Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax…

As approved by the Cabinet of Ministers and instructed by the Ministry of Finance, Value of taxable supplies for the purpose of registration for VAT (VAT registration threshold) will be increased with effect from January 01, 2020, up to 75 million rupees per quarter or 300 million rupees per annum subject to formal amendments to…

Further to the IRD Notice on “Voluntary Registration for VAT”,  Any person who wishes to continue the VAT Registration (whose Registration is inactivated) should make submission along with following documents. Application for activation of VAT Registration Request letter which should be signed by a Director (In the case of Company) or Proprietor (Sole Proprietorship) or…

Department of Inland Revenue has published updated SVAT Registered Persons (RIPs & RIPs) as at 20.02.2019. List of Registered Identified Suppliers (RISs) [20-02-2019] List of Registered Identified Purchasers (RIPs) [20-02-2019]

Department of Inland Revenue has published a quick guide on “How to file Statement of Partnership Income online”. Download Quick Guide – “How to file Statement of Partnership Income“

Tax payments & Returns due dates and tax types & payment period codes for the month of August 2021 are as follows: AUGUST 15TH Corporate Income Tax (CIT) 1st Instalment for the Y/A 2021/2022 is due on August 13, 2021 (Since August 14 & 15 fall on holidays), Online payment (OTPP) can be made until August…

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…

  Download Circular to Banks, Financial Institutions and Remitters of Foreign Exchange – Collection of Remittance Fee (RF) on the Remittance the Inward Remittance of Foreign Exchange as Enacted in the Foreign Exchange Act No. 12 of 2017 – Circular No. SEC/2018/02 [27 March 2018]