Budget 2018 – Imposition of Value Added Tax (VAT) for Sale of Condominium Housing Units The Supply of Condominium housing units will be liable for VAT with effect from April 1, 2018 as proposed in the Budget 2018. However, supply of Condominium housing unit will be exempted from VAT under the following cases; Sale of any…
The gazette has been issued regulations on Transfer Pricing under Inland Revenue Act No. 24 of 2017 – Gazette No. 2104/4. Download English Gazette No. 2104/4 Download Sinhala Gazette No. 2104/4
1. Income Tax (Amendments to the Inland Revenue Act, No. 24 of 2017 1.1 Tax Payable by Withholding (a) A special tax return requirement will be introduced for the deduction of 2.5% withholding tax levied on the sale price of any gem sold at an auction conducted by the National Gems and Jewellery Authority. Exemption…
The Inland Revenue Department (IRD) has recently issued a revised circular, SEC/2026/E/06 (Revised), dated August 06, 2026. This document outlines the official methodology for computing quarterly income tax instalments, applicable for the Year of Assessment 2026/2027 and subsequent years. For members of the Lanka Tax Club and taxpayers across the country, understanding these procedures is…
Value Added Tax (VAT) on imported fabric has reduced by 10% and relevant notice published by Customs is now available : Download. Visit: Latest Customs changes
Income Tax (Amendments to the Inland Revenue Act, No.24 of 2017) Exemptions The Earnings by any non-resident person on any sovereign bond denominated in local or foreign currency will be exempted. Interest income earned by any resident person on sovereign bonds denominated in foreign currency, including Sri Lanka Development Bonds (SLDB) will be exempted. Interest…
Department of Inland Revenue has published notice by extending the due date of the Submission of Statement Estimated Tax (SET) Payable – Year of assessment 2019/2020. Accordingly, SET could be submitted to the IRD once the IRD is opened for the General public after the Covid 19 pandemic situation comes to normal. Download IRD Notice
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…
Value Added Tax shall be charged at zero rate (0% ) on the importation or supply of imported goods specified under H. S. Code and description published in the Gazette No. 2095/20. Download Gazette : English | Sinhala
Special Commodity Levy has been imposed on Potatoes and shall be valid until March 31, 2018 commencing from February 24, 2018. Download – English Download – Sinhala
Following gazettes to be released on Budget 2019. DATE GAZETTE NO. DESCRIPTION DOWNLOAD 09-04-2019 2118/24 Luxury Tax on Motor vehicles Click here to download 04-04-2019 2117/48 Gazette Notification Issued under Excise (Special Provisions) Act to Release Vehicles Laying in Hambantota Port in 2015 – 2017 Click here to download 04-04-2019 2117/48 Application Specified in Schedule…
The Inland Revenue Act, No. 10 of 2006 shall not apply to any income tax, for any year of assessment commencing on or after April 1, 2018, unless otherwise stated in the Inland Revenue Act, No. 24 of 2017 or as regulated in the succeeding provisions.
Incorporation of foreign-owned companies in Sri Lanka with Registrar of Companies is temporally held until further notice (Except BOI approved companies). For more details Contact Incorporation Division 0112689208/09 – Ext 245, Direct 0112689616
Nation Building Tax (Amendment) Act, No. 20 of 2018 is certified by the Hon. Speaker on 30th of July, 2018 to amend the Nation Building Tax Act, No. 9 of 2009. Summary of the Act stated below. This amended is to limit the period of exemption granted to certain liquor identified under Harmonized Commodity Description and…