Latest tax updates
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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...
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...
