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Salient features of Surcharge Tax
Liability(a) any individual, partnership or company, whose taxable income calculated in accordance with the provisions of the Inland Revenue Act, No. 24 of 2017, exceeds Rs. 2,000 million,...
Analysis of 2022 Budget Proposals in Tax Perspective.
04:44 PM - Finance Minister Basil Rajapaksa concluded his budget speech for the year 202204:37 PM - Public auctions to be conducted for TRCSL licences for telecommunication companies.04:36...
Write off Tax Arrears-28.09.2021
Taxes which it appliesThe Commissioner General is required to write off taxes in arrears, for periods prior to December 31, 2020, in relation to the following taxes.Goods and Services...
The insights of Tax Amnesty-15.09.2021
Persons to whom it applies To any person who has not disclosed any amount of taxable supply, income or asset which was required to be disclosed under the provisions of any law specified...
The progress of the Bill on Imposition the Tax on Voluntary Disclosure & Provisions to Write off Tax Arrears under Certain Laws (25.07.2021)
Claiming that the proposed ‘Tax Amnesty Bill’ was aiming to facilitate crooked businessmen loyal to the Government to legitimate money amassed through illegal channels, the Janatha...
Summary of key tax changes - IR Amendment Act ,No 10 of 2021(05.07.2021)
EXEMPTIONS FOREIGN CURRENCY INVESTMENTS IN SRI LANKA Income derived by any non-resident person (other than a Sri Lankan permanent establishment) as interest, discount or realization...
The progress of the Inland Revenue Bill (27.04.2021)
What will happened to Inland Revenue Amendment Bill ?02.04.2021 - Senior Chartered Accountant Nihal Hettiarachchi files petition in SC challenging constitutionality of new legislation...
New GST Bill to be drafted (23.03.2021)
The new GST was proposed in Budget 2021 to make tax collection more efficent .Under the provisions of the proposed,it is expected to simplyfy the Goods and services tax related to new...
Cabinet Decision on Implementation of new tax proposals (15.03.2021)
2021.03.15The Cabinet approved the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, to publish the Bills prepared to amend the Inland Revenue Act...
The film industry is exempt from the entertainment tax for two years
The relevant ministries approved the exemption of the film industry from the entertainment tax for a period of two years in order to protect local cinema in the face of Covid-19 yesterday...
15th November 2020
2nd instalment payment of Y/A 2020/21 is due on 15.11.2020. Refer the notice issued by IRD and familar with Alternative Tax Payment Syetm to make your payments online using the fund...
Why 30th November 2020 is so important ?
Return of Income for the Y/A 2019/2020 should be furnished on or before 30th November 2020.Furnishing of an incorrect return or failure to furnish the return on or before the due date ...
Taxes imposed on Gem & Jewellery industry removed
President Gotabaya Rajapaksa yesterday (07.09.2020) directed relevant officials to remove the15% import tax and 14% income tax on gold for the Gem & Jewellery industry. Click here for...
Why 15th of August is so important ?
In terms of Sections 90 and 91 of the Inland Revenue Act, No. 24 of 2017 (IR Act) , a person who is an instalment payer shall pay income tax based on the estimated taxable income by...
Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility
Taking in to account of the Covid -19 Endemic situation currently prevailing in the country,the Inland Revenue Department (IRD) has introduced an Alternative Tax Payment System(ATPS)...
Waive off penalties on unpaid Income Taxes
As per the Cabinet decisions taken on 03rd June 2020,it was announced to waive off the penalties on all unpaid income tax due to the Covid-19 epidemic. Accordingly ,late payment...
PAYE changes from November 2019
PAYE system which was available under Inland Revnue Act No.24 of 2017 continued only up to 31st December 2019.Changes to PAYE system from w.e.f 27th November 2019 are as follows
Withholding tax on service fees
WHT on service fees payable to any resident Individuals which was levied at 5% on amounts exceeding LKR 50,000 has been removed with effect from January 01, 2020. Accordingly, WHT Agents...
Summary of recent tax changes w.e.f 01.12.2019
NBT has been abolished with effect from December 01, 2019. NBT has been abolished with effect from December 01, 2019. Interest income up to LKR 250,000 per month (including a senior...
VAT Payment period codes
It is informed you that you need to comply with below payment period codes for the VAT payment due on 20th December 2019. Manufacturing of goods -19420 Other supplies -19422
