New amendment to the Gazette No. 2151/52 on recent VAT changes
New gazette has been published by Ministery of Finance with explantory note to the gazette No. 2151/52. Download Gazette No. 2152/60
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Piece based VAT rate applicable on local supply of certain garments has been reduced
As the approval granted by the Cabinet of Ministers and instructed by the Ministry of Finance on December 17, 2020, piece based VAT rate applicable on local supply of certain garments classified under the HS Chapters 61, 62 and 63 by export oriented Board of Investment enterprises, has been reduced to Rs. 25/- from Rs….
Luxury Tax on Motor Vehicles
Ministry of Finance has issued a Government Notice on Luxury Tax on Motor Vehicles. Download Government Notice on Luxury Tax on Motor Vehicles
IRD Notice on how to submit Returns, Appeals, Objections, etc.
To adhere the current situation prevailing in the country, Central Document Management Unit (CDMU) of IRD has instituted few steps to receiving the documents (Returns, Appeals, Objections, etc.) from taxpayers. Download IRD Notice No. PN/TPS/2020-4 | Dated: 12 Oct 2020
No more VAT on importation of Woven Fabrics
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
Tax Payments & Returns due dates in the month of May 2021
Tax payments & Returns due dates and tax types & payment period codes for the month of May 2021 are as follows: MAY 15TH Corporate Income Tax (CIT) 4th Instalment for the Y/A 2020/2021 is due on May 13, 2021 (Since May 14 & 15 falls on holidays). Online payment (OTPP) can be made until May…
New Gazette on Capital Gain Tax Return and Schedules – No. 2064/59
The Commissioner General of Inland Revenue has published a Gazette notification specifying the Capital gain tax return and schedules to be furnished by any person in respect of income consisting of a gain from the realization of an investment asset under Subsection (4) of Section 93 of the Inland Revenue Act, No. 24 of 2017.
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.
Tax Deduction Certificate T-10 for the YA 2019/2020
Department of Inland Revenue has published Certificate of Income Tax Deductions – (P.A.Y.E_T-10 (new)) format for the Y/A 2019/2020. Download Tax Deduction Certificate T-10 for the YA 2019/2020
Notice to Taxpayers: Beware of Fraudulent Activities
The Inland Revenue Department (IRD) of Sri Lanka has issued an important notice to all taxpayers regarding the recovery of outstanding taxes. This notice highlights a serious issue that has recently come to light and provides crucial guidance for all taxpayers to ensure their safety and proper compliance with tax regulations. Key Information The IRD…
Public ruling on taxpayers who have been granted the approval to change the accounting period – PR/IT/2018/01
Department of Inland Revenue has issued a new public ruling on taxpayers who have been granted the approval to change the accounting period under the Inland Revenue Act No. 10 of 2006. Download the Public Ruling – PR/IT/2018/01
Tax Payments & Returns due dates – December 2020
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…