The government has issued a Finance (Amendment) Bill which amends section 36 of the Finance Act, No. 35 of 2018 and the legal effect of the section as amended is to terminate the levying of Debt Repayment Levy with effect from January 1, 2020. Download: English | Sinhala
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.
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…
New Regulations made under Economic Service Charges Act, No. 13 of 2006 Download – English Download – Sinhala Download – Tamil
Following taxes & levies going to be amended to the Finance Act, No. 25 of 2003, the Finance Act, No. 5 of 2005, the Finance Act, No. 12 of 2012, the Finance Act, No. 16 of 1995 and the Finance Act, No. 10 of 2015; Luxury Tax on Motor Vehicles Vehicle Entitlement Levy Annual Company…
Individuals who are liable to pay income tax (whose assessable income for a month exceeds Rs. 250,000 per month or Rs. 3,000,000 for a year of assessment), are required to register and obtain Taxpayer Identification Number (TIN) in order to pay Income Tax on a quarterly basis. There are two methods; Manually Online How to register manually (Due…
Foreign Exchange Bill passed in Parliament 2017-07-25 The amended Foreign Exchange Bill was passed in Parliament with a majority of 78 votes.
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…
In addition to the notice issued under PN/Tax Return/2020-01 on 21.04.2020 allowing extension for submission of Transfer Pricing Disclosure Form (TPDF) has been allowed up to 30th June, 2020. Taxpayers who have submitted the Tax Return through e-service could upload the TPDF to the RAMIS system, and others are advise to e-mail a PDF copy of the…
Department of Inland Revenue has published a public notice by amending the public notice number PN/VAT/2020-09 issued on 29.06.2020 as follows. VAT Deferment Facility on Imports at the Customs/BOI 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…
Department of Inland Revenue has published amended notice on Implementation of Changes to Value Added Tax (VAT) Act (click here to download) as amended by the Value Added Tax (Amendment) Act, No. 25 of 2018, As instructed by the Ministry of Finance and Mass Media, a policy decision has been taken to continue the exemption on…
Department of Inland Revenue has published notice by taking into the account of the prevailing situation in the country, Submission of Transfer Pricing Disclosure Form (TPDF) has been allowed up to 30th April 2020. Taxpayers who have access to the e-Services, can submit TPDF through e-service and others can send PDF copy of the TPDF…
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…
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…