Latest tax updates

In a significant move to ensure tax fairness, the Inland Revenue Department (IRD) of Sri Lanka is ramping up efforts to enhance tax compliance among high wealth individuals (HWIs) as...

In a recent announcement from the Presidential Media Division, a significant change in income tax regulations is set to kick in on February 1, 2024. This update is crucial for citizens...

The below main tax proposals were presented by Finance Minister Ranil Wickramasinghe on the 13th of November 2023 during the 78th Budget of Sri Lanka Tax Identification Number Submission...

We wish to bring to your attention a critical update concerning the deadline for tax payments for the Year of Assessment 2022/2023. As you are undoubtedly aware, the initial deadline...

In a recent discussion held by the Select Committee on Ease of Doing Business Index, urgent steps were identified to regulate internet-based business activities and ensure tax compliance...

The Inland Revenue Bill was released on March 16, 2022, which includes changes to taxes that were proposed in the 2023 Budget. One of the big changes in the bill is aimed at reducing...

President Ranil Wickramasinghe presented 77th Budget of Sri Lanka to the Parliment on 14th November 2022 in his capcity as the Finance Minister. Key features of Tax Budget proposals...

The Inland Revenue Amendment Bill, which was introduced on the 11th October 2022, reduced the personal tax relief for resident and non-resident individuals to Rs.1.2Mn per year, introduced...

Salient features of Inland Revenue Amendent Bill issued on 11th October 2022 are as follows.The changes resulting from the Bill are subject to committee stage amendments and will take...

Effective Date :The Social Security Contribution Levy shall come into operation on the First day of October 2022.Persons to whom this Act applies : Importers, Manufacturers,Service...

02:08 PM - President Ranil Wickramasinghe concluded his Interim budget speech for the year 202202:03 PM - Measures to increase local milk production.02:03 PM - Steps to use new technology...

As per the notice issued by IRD today (30.06.2022), granted penlaty relief by paying all Taxes in default on or before Spetember 30, 2022.This has been initiated by the IRD by inviting...

Social Security Contribution Levy bill was issued on 17.06.2022 and subsequesnly Revised Bill was issued on 24.06.2022.The main reason to issue the revised bill was change the rate...

Effective Date :The Social Security Contribution Levy shall come into operation on the First day of July 2022.Persons to whom this Act applies : Importeres ,Manufacturers,Service providers...

It was decided at the Cabinet of Ministers meeting on Monday to publish the Social Security Contribution Tax Bill in the Government Gazette and to present it to Parliament for approval.Article...

The Cabinet of Ministers on Monday(06.06.2022) decided to grant tax holidays up to 40 years for investments in China-backed multibillion dollar Colombo Port City project as the foreign...

Tax Reforms to be introduced in the immediate and near termValue Added Tax (VAT)Increasing VAT rate from 8 percent to 12 percent with immediate effect .Refer Gazette No. 2282/26 Decreasing...

The Government will increase income tax, withholding tax, pay-as-you-earn tax(APIT) and value added tax to levels before the 2019 controversial tax cuts which reduced fiscal revenue...

The Supreme Court has informed Speaker Mahinda Yapa Abeywardena on 22.03.2022 that the Surcharge Tax Bill can be passed with a simple majority in parliament as it is in accordance with...

The Government has withdrew the Special Goods and Services Tax (GST) Bill on 22nd March 2022 after the Supreme Court determined the majority of the clauses in the Bill are inconsistent...