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…
The Commissioner General of Inland Revenue has published a notice pertaining to changes proposed in the Budget 2021 to the Inland Revenue Act, No. 24 of 2017. These changes mainly relate to the following: Exemptions from Income Tax Tax rate changes Tax computation, deductions and qualifying payments Tax administrative measures Other proposals Tax relief measures…
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…
Department of Inland Revenue has published “Interim Estimate of Value Added Tax on Supply of Financial Services – 2nd Six Months 2019/2020” today and you can download the Return form and schedule using the below links. Interim Estimate of Value Added Tax on Supply of Financial Services – 2nd Six Months of – 2019/2020 Schedules…
Inland Revenue Amendment Bill has been published by incorporating proposed changes to the Inland Revenue Act, No. 24 of 2017. Download – English | Sinhala
Department of Inland Revenue has published on changes that have been proposed to the Inland Revenue Act, No. 24 of 2017. The law pertaining to the above is yet to be enacted. Download IRD Notice: PN/IT/2020-03 (Revised) | 08.04.2020
The Parliament passed the Nation Building Tax (Amendment) Bill, providing amendments to certain provisions of the Nation Building Tax Act, No. 9 of 2009 (“NBT Act”). This new Amendment Act which is yet to receive the certification of the Speaker has been analysed by us based on the Nation Building…
The Cabinet of Ministers has approved the appointment of Mr. Nadun Guruge as the Commissioner General of Inland Revenue Department. Mr. Nadun Guruge had previously served as the Deputy Commissioner General of Inland Revenue Department and was later appointed the Acting Commissioner General of Inland Revenue Department.
Department of Inland Revenue has updated Declaration Form which is required to submit by Senior Citizens to the Financial Institutions. Updated Circular – Withholding Tax on Interest paid by Banks or other Financial Institutions – No. SEC/2018/01 Download – English Download – Sinhala Updated Declaration Form – Declaration by Senior Citizens to the Financial Institutions Download –…
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…
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
Department of Inland Revenue has published Guide to Corporate Tax Return of Income – Year of Assessment 2018/2019 Download English Guide Download Sinhala Guide
We have developed PAYE tax automatic calculator in excel under Inland Revenue Act No. 24 of 2017. If you wish to purchase and for more details please contact us via info@lankataxclub.lk | Contact Us
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…