Value Added Tax (VAT) exemption that was applicable on certain goods and services including importation of air crafts and accessories, sawn timber and fabrics and sale of condominium housing units has been removed under the Value Added Tax (Amendment) Act, No.25 of 2018. However, considering the requests made by the relevant stakeholders in these fields,…
The Department of Inland Revenue has issued a critical update regarding Value Added Tax (VAT) administration. Per Gazette Extraordinary No. 2463/05, dated November 17, 2025, the Commissioner General of Inland Revenue (CGIR) has specified a mandatory format and specification for Tax Invoices. Subsequently, the Department of Inland Revenue has officially announced a postponement of the…
Department of Inland Revenue has informed the Sri Lanka Banks’ Association to exempt the interest income from foreign currency accounts with effect from 01.01.2020 as instructed by the Ministry of Finance and subject to formal amendment to the Inland Revenue Act No. 24 of 2017. Download the Letter issued by the Department of Inland Revenue
New Gazette has been published to amend Ports and Airports Development Levy (PAL) w.e.f. December 06, 2019. Download Gazette on PAL changes
Department of Inland Revenue has published a paper notice on income tax exemption on interest accrued or derived from Special Deposit Account. Download IRD Notice: PN/IT/2020-08 | Dated: 26.10.2020
Department of Inland Revenue has published a Notice for by instructing companies to compute the income tax payable (subject to the provisions of the IRA) for the Year of Assessment 2019/2020. Download IRD Notice PN/IT/2020-06 (06.05.2020): English | Sinhala
Department of Inland Revenue has published Guide to Individuals Tax Return of Income – Year of Assessment 2018/2019. Download English Guide Download Sinhala Guide
Notice published by the Ministry of Finance on 06 August 2019 Although the Central Bank has reduced the rates for deposits maintained in commercial banks, the special interest rate of 15% offered by the Government for senior citizens have not been changed. There is no truth in the media reports published by different media saying…
New gazettes has been issued on revision of Excise Duty on Liquor. Revision of Excise Duty on Liquor – Gazette No. 2152-11 | Date: 03.12.2019 Revision of Excise Duty on Imported Liquor – Gazette No. 2152-12 | Date: 03.12.2019 Revision of Excise Duty on Liquor – Gazette No. 2152-13 | Date: 03.12.2019
Daily FT : 11 October 2017 Digital signature, trade information portal and several key functions to be effective from next year, Single Window blueprint ready for July 2018 On track to achieve Govt. revenue target of Rs. 1 trillion Customs DG keen on enhancing efficiency with technology, people-less offices In a major boost to streamline trade, Sri…
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.
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”
Electronic filing facility through e-service is available for filing the Return of Income for Companies, Partnerships and Individuals. A Company or a Partnership or an Individual should have a Personal Identification Number (PIN) and also a Company or a Partnership should have a Special Staff Identity Number (SSID) or SSID numbers for e-filing. Download IRD…
Employers are required to issue all employees details of the tax deductions made during the year in the Certificate of Tax Deduction (T 10 form), before the expiry of the 30th day of April in the following year (30 April 2018). Certificate of Income Tax Deductions – (P.A.Y.E./T.10 (new)) Certificate of Income Tax Deductions – Under Section…