Lanka Tax Club

Circumstances under which a taxpayer may designate an authorized representative to communicate with the Inland Revenue Department on behalf of the taxpayer as set out in the gazette (attached) effective from 01.04.2018.

Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility. Taking in to account of the Covid -19 Endemic situation currently prevailing in the country, the Inland Revenue Department (IRD) has introduced an Alternative Tax Payment System (ATPS) for making tax payments through Online Fund Transfer Facility, with the collaboration of specific banks, with effect from 08-04-2020….

📌 Employment, Business, Investment Incomes, Qualifying Payments and Reliefs, Tax Credits 📌 Date & Time: 27 September 2023 (Tomorrow) at 8:00PM 📌 Investment: LKR 500/- 📌 Limited Zoom seats are available! 📌 Hurry Up! Register Soon! 📌 Registration Link: https://forms.gle/p3BCrwmizqpC3Mku7 Please make the payment LKR 500/= to Lanka Tax Club bank account mentioned below: Name:…

  Download the document published by IRD IRD has published a document for Values of Non Cash Benefits for the purpose of PAYE. Non Cash Benefits can be categorized mainly into four as follows; Value of Company shares awarded by Employer . Value of benefits from any residence provided by the Employer Value of Transport…

As approved by the Cabinet of Ministers and instructed by the Ministry of Finance, ESC has been abolished with effect from January 01, 2020, pending parliamentary approval for amendment to the Economic Service Charge Act, No. 13 of 2006. Accordingly, any person or partnership for any quarter commencing on or after January 01, 2020 is…

New Gazette for the circumstances to withhold tax from payments where the payments made to any employee and rates of tax to be withheld from such payments under paragraph (1) of Section 83 read with item (a) of sub paragraph (1) of paragraph 10 of First Schedule of the Inland Revenue Act, No. 24 of 2017.

Department of Inland Revenue has published notice by taking into the account of the prevailing situation in the country, Submission of Transfer Pricing Disclosure Form (TPDF) has been allowed up to 30th April 2020. Taxpayers who have access to the e-Services, can submit TPDF through e-service and others can send PDF copy of the TPDF…

As per the section 195 of the Inland Revenue Act, No. 24 of 2017, “Authorized Representative” means any individual who is authorized in writing by a person to act on his behalf from time to time for the purposes of this Act and who is – (a) in any case- a member of the Institute of…

As per the amendments made to sub item (iv) of item (xxii) of paragraph (a) of the First Schedule to the Value Added Tax Act, No. 14 of 2002 (VAT Act) by the Value Added Tax (Amendment) Act, No. 25 of 2018, exemption granted on the import or supply of wood (sawn) from VAT is…

An amendment proposal to the Value Added Tax Act No. 14 of 2002 was officially released on August 31, 2023, and awaits presentation in Parliament. The purpose of this post is to elucidate the key provisions contained within this proposal. It is essential to underscore that the content of this Bill remains subject to potential…

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

A new guideline has been prepared for the period from 01.01.2020 to 31.03.2020 and uploaded in the IRD web portal of the Department (Link) to provide instructions to the employers to deduct Withholding Tax under the PAYE Scheme, as instructed by the Ministry of Finance, (subject to formal amendment to the Inland Revenue Act, No….