Latest tax updates
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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....
Statement of Estimated Income Tax Payable for the Year of Assessment 2019/2020(SET)
In terms of Sections 90, 91 and 92 of the IR Act, every person who is liable to pay income tax, is required to submit a SET Form for the year of assessment 2019/2020...
TVRS of Sri Lanka & eTRS of Singapore
Tourist VAR Refund Scheme -Sri Lanka Shop at the store displaying It is required to have a minimum of LKR.50,000(Exclusive of VAT)worth of VAT liable purchases Consisting...
Change of Value Added Tax Rate-(Repealing Gazzette No.2124/3 w.e.f 01.06.2019)
Notice to Hotel, Guest House, Restaurant Business and Inbound Tour Operators Registered with Sri Lanka Tourism Development Authority
Tax Concessions to strengthen the Tourism Industry affected by the Easter Sunday Attacks
Minister of Finance Mangala Samaraweera has taken to his official Twitter account today (07.05.2019 regarding tax concessions to strengthen the Tourism sector affected...
Special attention to the companies having undistributed dividend income
As per the transitional provisions published on 01st April 2018,In case of any dividend paid by any company prior to April 01, 2019, out of any such dividend received...
Annual Company Registration Levy
The levy shall be paid by every company incorporated / registered under Companies Act No. 07 of 2007 for the year from 01.01.2016 to 31.12.2016.Category of CompanyRate...
Proposed amendments to Inland Revenue Act
Minister of Finance Mangala Samaraweera has taken to his official Twitter account regarding Cabinet approval to the tax concessions made by several amendments to...
30th November
RETURN OF INCOME FOR THE YEAR OF ASSESSMENT 2017/18As per the provisions of Inland Revenue Act No. 10 of 2006, every person who is chargeable with income tax shall...
Effective tax rate of Finance industry upon introducing Debt Repayment Levy
Effective tax rate of Finance industry will go up to 56.27%(from 50.30%) upon introducing Debt Repayment Levy (DRL).As per the Finance Act No.35 of 2018, Debt Repayment...
