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Proposed tax incentives as published by MOF -23.11.2018

His Excellency the President and the Minister of Finance and Economic Affairs are in complete agreement that highest priority should be given to agricultural development and accordingly the government is...
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30th November

RETURN OF INCOME FOR THE YEAR OF ASSESSMENT 2017/18As per the provisions of Inland Revenue Act No. 10 of 2006, every person who is chargeable with income tax shall furnish a return of income for any year of assessment on or before the thirtieth...
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Effective tax rate of Finance industry upon introducing Debt Repayment Levy

Effective tax rate of Finance industry will go up to 56.27%(from 50.30%) upon introducing Debt Repayment Levy (DRL).As per the Finance Act No.35 of 2018, Debt Repayment Levy(DRL) will...
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Changes in Taxes as per the Finance Act, No. 35 of 2018

Tourism Development Levy (TDL)- w.e.f. 01.01.2019,Institutions licensed under the Tourist Development Act, No. 14 of 1968 and institutions licensed under the Tourism Act, No. 38 of 2005 are liable to...
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Tax & policy changes in Sri Lanka (01.11.2018)

.Special Commodity Levy will be reduced onDhal by Rs.5 per Kg,Chickpeas by Rs. 5 per Kg, Black gram by Rs.25 per Kg.Customs Duty will also be waived  on Wheat grain to Rs. 9 per Kg from the existing waiver of...
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Impact of VAT amendment to imported fabric

As per the amendments made by Value Added Tax (Amendment) Act No. 25 of 2018, following exemptions were removed with effect from 16.08.2018.Supply or Import of;fabric for domestic consumption subject to a cess at a specific...
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VAT liability on sale of residential houses and condominium units of a condominium project.

As per the VAT amendment Act, No.25 of 2018, the VAT exemption granted for sale of residential houses and residential condominium units of a condominium...
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Are you permitted to prepare Financial Statements for the year ended December 31 and have you an interest income on government securities?

As per the letters dated February 5,2018 and March 12,2018 issued by the Commissioner General of Inland Revenue to the Sri...
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