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...
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Minister of Finance Mangala Samaraweera has taken to his official Twitter account regarding Cabinet approval to the tax concessions made by several amendments to...
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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...
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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...
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Tourism Development Levy (TDL)- w.e.f. 01.01.2019,Institutions licensed under the Tourist Development Act, No. 14 of 1968 and institutions licensed under the Tourism...
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As per the amendments made by Value Added Tax (Amendment) Act No. 25 of 2018, following exemptions were removed with effect from 16.08.2018.Supply or Import of;fabric...
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As per the VAT amendment Act, No.25 of 2018, the VAT exemption granted for sale of residential houses and residential condominium units of a condominium project...
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As per the letters dated February 5,2018 and March 12,2018 issued by the Commissioner General of Inland Revenue to the Sri Lanka Bank’s Association, followings...
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Statement of Estimated Income Tax Payable As per the Section 90,91,92 of the Inland Revenue Act No.24 of 2017 each person who is liable to pay income tax is required...
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Return of Income Inland Revenue Act No. 24 of 2017 is effective from 01.04.2018 (i.e Y/A 2018/19).As per section 93 of Inland Revenue Act No. 24 of 2017, every person...
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"The value of benefit to an employee from the (fully or partly) private use of any motor vehicle should be the market value"If the company pays hiring charges or...
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As per the provisions of the Inland Revenue Act No. 24 of 2017, every person who has a taxable income shall file a return of income.However, a resident individual...
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As per the Section 84 of the Inland Revenue Act No. 24 of 2017, interest, discounts , rent etc. are subject to withholding tax at the rates given below.Investment...
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As per the Section 85 of the Inland Revenue Act No.24 of 2017, Withholding Tax should be deducted from payment for teaching , lecturing ,examining ,invigilating...
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Withholding agents are required to deduct relevant withholding taxes and remit to the Department of Inland Revenue in accordance with the provisions of the Inland...
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As per the Inland Revenue Act, No.24 of 2017, there is a restriction to deduct interest on borrowings when calculating taxable profit from a business.The restriction...
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Based on Circular No.SEC/2018/06 dated 18.04.2018 issued by the Commissioner General of Inland Revenue, important points on withholding tax are given below.
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Employees, those who were entitled only for salary up to Rs.425,000 (without travelling allowance) will be benefited from New IR Act and if salary exceeds Rs.425,000,higher...
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