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Inland Revenue (Amendment) Act, No. 2 of 2025 - Key Changes Effective Date: Starts from April 1, 2025. 1. Refunds of Overpaid Taxes (Section 150) Refund Limits:...

The Sri Lankan government has introduced significant amendments to the Value Added Tax (VAT) Act, No. 14 of 2002, through the VAT (Amendment) Bill of 2025. These...

With the Inland Revenue (Amendment) Bill, 2025 taking effect from April 1, 2025, Sri Lanka’s service exporters—both individuals and corporates—will experience...

The recently proposed Inland Revenue (Amendment) Bill No. 569 of 2025 brings significant changes to the tax refund process in Sri Lanka. These amendments affect...

Understanding the Key Amendments to Income Tax in Budget 2025 In the recent Budget 2025, several key amendments have been proposed to the Income Tax system in Sri...

The Ministry of Finance has recently lifted the temporary suspension on the importation of motor vehicles under Stage III w.e.f 01.02.2025. As a result, many individuals...

On December 18, 2024, the President of Sri Lanka announced a series of tax reforms aimed at balancing fiscal consolidation with social relief. Below is a summary...

The Inland Revenue Department (IRD) has introduced critical changes for the Year of Assessment (Y/A) 2023/2024. Effective from April 1, 2023, it is mandatory for...

Certified Tax Technician (CTT) ProgramTVEC Approved | The Only Tax Qualification in Sri Lanka Corporate Offer: September 2024 IntakeClasses Start: 2nd Week of October...

On July 8th, 2024, the Secretary to the Treasury, Mahinda Siriwardana, made important announcements regarding the demands for salary increases by public servants...

The recent IMF report outlines a comprehensive set of tax reforms intended to address Sri Lanka's fiscal challenges and achieve a sustainable primary surplus. Here’s...

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...

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...

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...

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,...

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...

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...

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...

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...

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...