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VAT for sale of Condominium Housing Units

The supply of Condominium housing unit will be liable for VAT w.e.f April 1,2018 as proposed in the Budget 2018.However supply of condominium housing unit will be exempted from VAT under following casesSale of any Condominium...
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Gains and profits from the business of life Insurance

As per the section 67 of Inland Revenue Act No. 24 of 2017,Gains and profits from the business of life insurance is the aggregate of –Surplus distributed to share holders from the life insurance policy holders...
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New IR Act- key implications to petroleum operations

RESIDENT RULEAny individual or entity who or which has entered in to an agreement as a contractor or subcontractor under the Petroleum Resources Act, No. 26 of 2003 shall be deemed to be resident in Sri Lanka...
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Annual Liqour Licence Fees

Liquor licence fees has been revised w.e.f.01.01.2018. please refer Excise Notification No. 1004
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Time of realization of an asset

When a person parts with ownership of an asset, it shall be considered as realization of the asset.
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Realization of Capital Assets Vs Realization of Investment Assets

REALIZATION OF CAPITAL ASSETS                REALIZATION OF INVESTMENT ASSETS As per section 195,Capital Asset means,-land...
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Excise duty on certain vehicles has been reduced w.e.f. 23.11.2017.

As per the gazette notification No. 2046/14 dated 22.11.2017, with effect from 23.11.2017 the concessionary Excise Duty on following articles has been reduced to 30% of the payable duty.
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Changes to the 2018 budget proposals on vehicles,condominium property

Benefits to individuals who opened LC for import of vehicles prior to the budget,Tariff on Electric vehicles used more than one year,Loan to value ratio-
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New Year gifts from Blue Green budget of 2018

As per the budget proposals made by Hon. Mangala Samaraweera, Minister of Finance and Mass Media  on 09th November 2018 stated that exemption given to fabric and yarn for the purpose of Value Added Tax will be...
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Budget Highlights-2018

Blue Green budget-the launch of Enterprise Sri Lanka.
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Deductibility of Losses

The basis of deducting losses under new Inland Revenue Act and old Act is described below.UNDER INLAND REVENUE ACT, NO 10 OF 2006 AND SUBSEQUENT AMENDMENTSUNDER INLAND REVENUE ACT, NO. 24  OF 2017 Business losses could be claimed,...
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Deduction of Finance Cost (Thin Capitalization Rule) Under New Inland Revenue Act

A company is typically financed (or capitalized) through a mixture of debt and equity capital. Thin capitalization refers to the situation in which a company is financed through...
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