Circular stating instructions to taxpayers for requesting a private ruling
Department of Inland Revenue has published a Circular stating instructions to taxpayers for requesting a private ruling – Circular No. SEC/2018/07.
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Surcharge Tax Act No. 14 of 2022
The government has published the Surcharge Tax Act No. 14 of 2022. The Surcharge Tax Act No. 14 of 2022 was certified on 08 April 2022 by the Hon. Speaker. Download Surcharge Tax Act No. 14 of 2022 – English | Sinhala
Extension of Submission Date of Transfer Pricing Disclosure Form for the Year of Assessment 2018/2019
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…
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…
Gazette on Curtailing Importation of Selected Items
Minister of Finance, Economic and Policy Development has issued a gazette notification under the following; The Special Import License and Payment Regulations No. 1 of 2011 published by the Gazette Extraordinary No. 1739/3 dated January 02, 2012 is amended hereby removing the Regulation 3(1) b, 3(1) c, 11 and 12. Sri Lanka Customs and Commercial…
“Center for Handicapped” Organization Approved for Charity Purpose
New Gazette has been issued by approving “Center for Handicapped” Organization as a charitable Institution under the Inland Revenue Act No. 24 of 2017. Download Gazette: English | Sinhala
HS codes for removal of exemption & new exemption under new VAT amendment
Department of Customs has published notice (Download Notice) relating to new VAT amendment act No. 25 of 2018 stating HS codes for removal of exemption & new exemption.
Parliament passed the Nation Building Tax Bill by limiting and granting new exemptions
NBT Bill passed by the parliament together with Committee Stage amendment on 18 July 2018. Department of Inland Revenue has published a notice for the same on 20 July 2018. Relevant notice is attached above for your reference.
New Interpretation Committee under Inland Revenue Act No.24 of 2017
Committee on Interpretations under Inland Revenue Act No.24 of 2017 As stipulated in section 107 of the Inland Revenue Act, No. 24 of 2017 (Act), taxpayers may apply to the Commissioner General of Inland Revenue (CGIR) for a private ruling regarding the application of the Act. Thereunder the Commissioner General is statutorily empowered to…
New tax proposals have been approved by the Cabinet Ministers
A Bill has been drafted by the legal draftsman to amend the Inland Revenue Act, No.24 of 2017, and the Value Added Tax Act, No.14 of 2002 in order to implement tax reforms adduced by the Economic Revival Origins presented to introduce a simple, transparent and an effective tax System as pledged by His Excellency…