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
Department of Inland Revenue has published a Circular to Withholding Agents (WHA) on Deduction of Withholding Tax and Advance Income Tax. Download IRD Circular No. SEC/2020/04 | Dated: 19 May 2020
Staying ahead of tax legislation is crucial for professionals and businesses. The proposed Inland Revenue Amendment Bill 2026 introduces several significant shifts in Sri Lanka’s tax framework, ranging from Capital Gains Tax hikes to expanded compliance requirements. To help you and your clients prepare, we have summarized the key changes and their effective dates in…
Department of Inland Revenue has published a paper notice by informing that the Alternative Tax Payment System (ATPS) which was introduced temporarily due to the Covid – 19 pandemic situation will be discontinued effect from March 31, 2021. However, tax payment could be made, Through Online Tax Payment Platform (OTPP) or (For further information, visit…
The Cabinet of Ministers has approved the appointment of Mr. Nadun Guruge as the Commissioner General of Inland Revenue Department. Mr. Nadun Guruge had previously served as the Deputy Commissioner General of Inland Revenue Department and was later appointed the Acting Commissioner General of Inland Revenue Department.
Stamp duty Return can be submitted through e-Service (RAMIS) w.e.f. 01 October 2020 (for Q3 of the year 2020, Period from 1 July 2020 to 30 September 2020). Download Stamp Duty Quick Guide
Simplified Value Added Tax (SVAT) Scheme in Sri Lanka By Kokila Mudugamuwa The Simplified Value Added Tax (SVAT) scheme was introduced by the Department of Inland Revenue in Sri Lanka on April 1, 2011, under the Value Added Tax Act. The primary objective of SVAT is to eliminate the need for VAT refunds for eligible…
Inland Revenue (Amendment) Bill and VAT (Amendment) Bill were approved by the Parliament today with amendments. Await for more details.
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…
Finance Minister Mr. Mangala Samaraweera has posted a message on his Twitter account regarding tax concessions to strengthen the Tourism Industry affected by the Easter Sunday Attacks.
Pay As You Earn (PAYE)/ Advance Personal Income Tax (APIT) Return and Schedules for the Y/A 2020/2021 Return Annual Statement of Employer – APIT (YA 2020/2021) Guide Instructions to Complete the Annual Statement of Employer and Schedules Schedule – PDF Schedule 01 – For Remuneration Other than and Once and for all Payments Schedule 02…
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…
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…
Department of Inland Revenue has published a paper notice (PN/DTR/2020-02) by in lining with the approval for “Tax Relief Measures to Facilitate Post COVID-19 Economic Recovery” granted by the Cabinet of Ministers on June 24, 2020, all the Banks are informed that the notices issued, if any, under Section 180 of the Inland Revenue Act…