Department of Inland Revenue has published Revised Circular to Banks and Financial Institutions on Deduction of Withholding Tax and Advance Income Tax – Circular No. SEC/2020/03 [08 June 2020] Download IRD Circular No. SEC/2020/03 (Revised) | Dated: 08 June 2020
Department of Inland Revenue has published Withholding Tax Return for the Y/A 2019/2020. Download: Statement of Withholding Tax – Y/A 2019/2020 Guidelines to Fill the Statement of Withholding Tax Schedules to Withholding Tax Return
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…
Betting and Gaming Levy (Amendment) Bill – The proposal made by the Minister of Finance to publish the draft (Amendment) Bill for the amendment of the Betting and Gaming Levy Act, No.40 of 1988 prepared by the Legal Draftsman in the Government Gazette for increasing the Annual Levy from Rs.200 million to Rs.400 million, for…
Finance Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.Luxury Tax on Motor Vehicles The Finance Act, No. 35 of 2018 provided for the imposition of a Luxury Tax on Motor Vehicles on every specified motor vehicle. The definition of specified motor vehicle has been…
Rs. 1 million loan facility at 4% interest rate for jewelry manufacturers. President Gotabaya Rajapaksa decides to remove the 14% income tax imposed on the profit earned by the gem and jewelry manufacturers and the 15% tax on gold imports. The income tax concession given to the gem and jewelry industry since 1971 was done…
This is an IRD notice about corruption at the Inland Revenue Department (IRD). It discusses the measures taken to reduce corruption, including a zero-tolerance policy, a variety of ways to report corruption, and protection for whistleblowers. This notice also emphasizes the importance of taxpayer honesty. Download IRD Notice: PN/OT/2023-01
Employment income is an essential component of taxation, representing the total gains and profits derived from an individual’s employment. This includes all remuneration received in cash or kind from an employer as compensation for services rendered. For the year of assessment (Y/A) 2023/2024 in Sri Lanka, employment income plays a pivotal role in calculating the…
IRD Notice on Taxpayer Registration, Income Tax Payments and Furnishing Return of Income for the Year of Assessment 2019/2020. In accordance with the amendments to the Inland Revenue Act, No. 24 of 2017 passed in Parliament on the May 4, 2021; Resident individuals whose employment income was subjected to PAYE prior to January 1, 2020…
Taking into account the prevailing situation in the country, the Inland Revenue Department has made arrangements to request the Tax Residency Certificates (TRC) via e-Mails. Download IRD Notice No. PN/TC/2020-05 | Dated: 08 Oct 2020
Submission of Transfer Pricing Disclosure Form For the Year of Assessment 2018/2019 Inland Revenue Department has published notice by extending the due date of the Transfer Pricing Disclosure Form up to 31st March 2020. IRD Notice on TPDF Extension
Department of Inland Revenue has published Updated Schedule File Verifier Tool to verify your schedules (VAT/SVAT/PAYE/WHT) for E-filing. Download Link (Version – 4.3) Guide for “How to use the schedule verification tool”
The Bills to amend the Finance Act, NBT Act, ESC Act and PAL Act were passed in Parliament and the relevant Bills were certified by the Hon. Speaker on October 12, 2020. Finance (Amendment) Act No. 2 of 2020 Terminated the levying of Debt Repayment Levy with effect from January 1, 2020 Nation Building Tax (Amendment) Act No. 3…
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…