The Commissioner General of Inland Revenue has published a notice pertaining to changes proposed in the Budget 2021 to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Exemptions from Income Tax Tax rate changes Tax computation, deductions and qualifying payments Tax administrative measures Other proposals Tax relief measures…
Temporary VAT Registration issued for import or export, which gets expired prior to February 28, 2021 as per the certificate, has been extended till February 28, 2021. Download IRD Notice: PN/VAT/2020-15 | Dated: 31.12.2020
Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended up to February 28, 2021. Download IRD Notice: PN/VAT/2020-14 | Dated: 30.12.2020
Income tax on terminal benefits due for the retiring employees for which such employees were required to produce a Direction from the IRD within 90 days from the date of such retention of tax is further extended to 31 January 2021. Download IRD Notice: PN/APIT/2020-05 | Dated: 30.12.2020
Inland Revenue Department (IRD) issued new guidance regarding the Country-by-Country Reporting (CbCR) and CbCR notification requirements, introducing significant changes in the compliance obligations for affected taxpayers. The new guidance includes, among others, an extension for the filing of the CbCR notification; and a significant change relating to the threshold for CbCR purposes, which is in line…
Department of Inland Revenue has published Form for Notice on filing of Country by Country Report (CbCR) of the MNE Group. Download Form | Form No: TP/CbCR/01
Department of Inland Revenue has published a notice on Filing of Country by Country Report (CbCR) of the MNE Group. Download IRD Notice | PN/TP/2020-03 | Dated: 22.12.2020
Taking into account the prevailing Covid-19 pandemic situation in the country, the Commercial Banks, Authorized Dealers engaged in outward remittances and the person who make the outward remittances are hereby informed to treat that the validity of Outward Remittance Clearances issued for covering specified period of time (which are expiring on or after December 31, 2020) by…
Taking into consideration of Covid-19 pandemic situation it was made possible to submit the said statements up to 31.12.2020 without subject to penalties. Considering the requests of the withholding agents due to difficulties still existing to submit, they are informed that penalties for failure to file the statement on time as provided in the IRA…
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…
Applicability of Transfer Pricing regulations due to the implementation of newly proposed changes of concessionary tax rates and / or tax exemptions. Download IRD Notice No. PN/TP/2020-02 | Dated: 25 November 2020
Considering the prevailing COVID19 pandemic in the country and the multiple requests made by the stakeholders to the Ministry of Finance, the requirements to submit the TP documentations of Master Files and Country by Country Report (CbCR) for the Year of Assessment 2019/2020, in terms of Regulations of the TP Gazette No 2104/4 dated December…
Notice to ETF Board, Provident Funds and Employers who have retained the Tax on Terminal Benefits to Retiring Employees; Any amount retained by the ETF Board, any Provident Fund or Employer, as income tax on terminal benefits due for the retiring employees for which such employees were required to produce a Direction from the IRD…
Exempt amounts under third schedule of the inland revenue act no. 24 of 2017 Download Schedule 01 Code Table 19/20