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Salient features of Social Security Contribution Levy and it's exemptions-26.09.2022
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...
Interim Budget 2022 of Sri Lanka-30.08.2022
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...
Penalty relief & Time extension for Taxes due
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...
Why did the revised Social Security Contribution Levy (SSCL) Bill issue?
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...
Salient features of Social Security Contribution Levy
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...
Social Security Contribution Tax Bill heading to Parliament-15.06.2022
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...
40 years of tax holiday to Port City Investors-06.06.2022
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...
Proposed Tax Reforms w.e.f 01.06.2022
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...
Many taxes to be raised-02.05.2022
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...
The progress of Surcharge Tax Bill -22.03.2022
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...
Withdraws Special GST Bill-22.03.2022
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...
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,...
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...
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...
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...
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...
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...
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...
