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
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No penalties for submission of Income Tax Return for the Y/A 2020/2021
According to the provisions of the Inland Revenue Act, No. 24 of 2017 (IRA), every person who is liable for Income Tax shall file a Return of Income not later than eight months after the end of each Year of Assessment. Therefore, last date to furnish the Return of Income for the year of assessment…
Five year Tax exemption on Agro industry
In order to promote the agricultural production in the country for exports and consumption purposes the government has decided to provide 5 year tax exemption to the agricultural based small and medium industry In addition the annual income tax rate on processing industries using local agricultural commodities to be reduced from 28% to 14%. Download…
Income Tax Guide (Individuals)- Year of Assessment 2018/2019
Department of Inland Revenue has published Guide to Individuals Tax Return of Income – Year of Assessment 2018/2019. Download English Guide Download Sinhala Guide
Gazette for Levy on Mobile Short Message Services
Minister of Finance and Mass Media has been issued a new Gazette regulations for Levy on Mobile Short Message Services. Effective Date: 01.01.2019 Rate: 25 cents for each SMS Base: on bulk advertisements sent through SMS Liable person: Advertiser Collector: Mobile Telephone Operator Remittance to be made: Telecommunications Regulatory Commission (TRC) Payment Mode: Monthly Payment Due Date: on or before 15th day of…
Application Form for Profile Update (For Company)
Department of Inland Revenue has published a Application Form for Profile Update (For Company). Click here to download Application All taxpayers are required to update their profile with the relevant activity code in the IRD system. This can be done by updating the profile information via e-Service or by sending the requested information and documents…
IRD Notice to Betting and Gaming Operators
This is an IRD notice about changes to the Betting and Gaming Levy Act. It discusses registration requirements for betting and gaming operators, increases to the gross collection levy rate, and the removal of the Social Security Contribution Levy. Other important points include the introduction of a casino entrance levy and increases to the annual…
ESC Return Y/A 2019/2020
Department of Inland Revenue has published a sample ESC Return format for the Y/A 2019/2020. Download ESC Return Guide to Filling the Economic Service Charge (ESC) Return
Transfer Pricing Disclosure Form and Guide for the Y/A 2019/2020
Department of Inland Revenue has published TPDF and guide for the Y/A 2019/2020. Download Transfer Pricing Disclosure Form Download Guide to Transfer Pricing Disclosure Form
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….
Extension for validity of Outward Remittance Clearances issued for covering specified period of time
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…
Furnishing of Tax Clearance Certificate to Banks
Circular to Commercial Banks and Specialized Banks – Furnishing of Tax Clearance Certificate to Banks Circular No. SEC/2017/05 [16 November 2017]
Special Commodity Levy on Mackerel, Peas, Seeds etc
Special Commodity Levy has been imposed on Mackerel, Peas, Seeds etc and shall be valid for a period of 06 months commencing from March 08, 2018. Download – English Download – Sinhala
Taxes and other levies are not deductible
Following taxes or other levies are not deductible when calculating a person’s income under New Inland Revenue Act. Income Tax Economic Service Charge Value Added Tax on Financial Services Nation Building Tax on Financial Services Crop Insurance Levy Supper Gain Tax Bars and Taverns Levy Casino Industry Levy Mobile Telephone Operator Levy Satellite Location Levy…