Budget Seminar 2020 EY Sri Lanka – FREE
Join EY’s 20th Post Budget Conference 2020 LIVE on Microsoft TEAMS. To receive the event invite send your joining instructions here: https://cvent.me/7kWk94 FREE ENTRANCE / REGISTRATION
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IRD Notice on recent NBT Amendment
Implementation of Changes to Nation Building Tax (NBT) as passed in Parliament on 23rd October 2019 IRD Notice on recent NBT Amendment
5% VAT on imports or local supply of wood (sawn)
As per the amendments made to sub item (iv) of item (xxii) of paragraph (a) of the First Schedule to the Value Added Tax Act, No. 14 of 2002 (VAT Act) by the Value Added Tax (Amendment) Act, No. 25 of 2018, exemption granted on the import or supply of wood (sawn) from VAT is…
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
How to get a TIN Certificate | | How to determine Residency
How to get a TIN Certificate Online: IRD Link to register as a Taxpayer and obtain your TIN By Visit or Post: This form (Name A below) is to be submitted along with supporting documents to the Primary Registration Unit at the IRD head office or any of the Metro Branches or Regional Offices. If…
Calculation of Income Tax payable for the year of Assessment commencing on April 1, 2022 – Circular No. SEC/2023/E/03
Circular No. SEC/2023/E/03, issued on May 9, 2023, provides guidance on the calculation of Income Tax payable for the year of Assessment starting from April 1, 2022. The circular, published by the Inland Revenue Department of Sri Lanka, aims to assist taxpayers in understanding the process and requirements for determining their income tax liability. It…
Teledrama, Film and Commercials Levy
The Finance Act, No. 11 of 2006 – Regulations as the Finance (Teledrama, Film and Commercials Levy) No. 1 of 2017 Effective from : 08th November, 2017 English | Sinhala Gazette Date : 11 November 2017 Gazette No : 2044/21
Tax concessionary actions for the post COVID – 19 economic uplifting programme
The government has taken tax concessionary actions for the post COVID – 19 economic uplifting programme. Download Cabinet Decisions – 2020.06.24
Due date of submission of PAYE and WHT Returns extended
Department of Inland Revenue has extended due date of submission of PAYE Annual Declaration and WHT Return for the Y/A 2018/19 up to May 15, 2019. IRD Notice
Is it necessary for individuals who are not residents to obtain a Taxpayer Identification Number (TIN)?
In terms of section 102(1) of Inland Revenue Act, No. 24 of 2017 (IRA), every person chargeable with Income Tax shall obtain the registration with the Commissioner General of Inland Revenue (CGIR). Further to that, in terms of the section 102(3) of IRA, the Extraordinary Gazette Notification bearing No 2334/21 dated 31/05/2023 issued specifies additional…
Inbound Tour Operators exempt from VAT with effect from 1 April 2020
Department of Inland Revenue has published a notice as per the approval granted by the Cabinet of Ministers and instructed by the Ministry of Finance on April 24, 2020, the supply of services in respect of inbound tours by a travel agent registered with the Sri Lanka Tourism Development Authority is exempt from Value Added…
WHT Return Format and Updated WHT Schedules
Department of Inland Revenue has published updated WHT Schedules which are applicable form the Y/A 2019/20 onwards. WHT Return Format for the Y/A 2019/2020 Statement of Withholding Tax – Y/A 2019/2020 Guidelines to Fill the Statement of Withholding Tax Schedules to Withholding Tax Return Original Schedules Schedule 1 – Withholding Tax Deduction from Interest /…
Sri Lanka’s Digital Tax Revolution: 5 Things You Need to Know About the New National e-Invoicing System
The Hook: A New Era for VAT For decades, VAT compliance in Sri Lanka has been defined by the tedious manual entry of invoice data—a process ripe for human error and administrative friction. Finance teams have historically operated in a “lag” state, reconciling records weeks after transactions occurred. This traditional model is now being dismantled….
Value Added Tax (Amendment) Bill
Following changes are going to be incorporated to Value Added Tax Act, No. 14 of 2002; Amendments to Section 22 – Local sale of certain garments by export oriented companies Amendments to Section 25A – Sri Lanka Deposit Insurance Scheme Amendments to Section 25C – To limit the taxable period New section 58A – Refund of tax…