Latest tax updates
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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...
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...
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...
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...
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...
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...
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....
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...
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...
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...
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...
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....
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...
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...
Change of VAT Rates -w.e.f 01.12.2019
As per the Gazzette Notification issued by Minister of Finance on 29th November 2019 ,VAT rates applicable in Sri Lanka are as follows. 1.On the supply of aservices...
Tax amendments-October 23,2019
For each garment other than panties, socks, briefs and boxer shorts identified under the Harmonized Commodity Description and Coding System Numbers for custom purposes...
Cigarettes
Excise Duty on Cigarettes (67 mm to 72 mm in length) has been reduced from Rs. 37.60 to Rs. 33 per Cigarette w.e.f.15.10.2019
30th September 2019
As you are aware final tax payment for the Y/A 2018/2019 is due on 30th September 2019. Accordingly all tax liable persons should make their final income tax payment...
Embarkation Levy changes w.e.f 01.08.2019
As per the Extra Ordinary Gazzette Notification No.2134/5 dated 29th July 2019, the Embarkation Levy has been reduced by US $ 10 compared to the previous charges....
