Monthly Archives: July 2018

VALUE ADDED TAX (VAT)

VALUE ADDED TAX (VAT) Update: 2019/12/01 VAT rate is revised to 8% with effect from December 01, 2019. However, VAT rate applicable on supply of Financial Services will be continued at 15% . The liable limit for registration of VAT will be … Continue reading

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TOURIST BOARD DEVELOPMENT LEVY (TDL)

TOURIST BOARD DEVELOPMENT LEVY (TDL)   Every institution licensed under the Tourist Development Act No. 14 of 1968 other than Travel Agents shall pay Tourist Development Levy (TDL) at a rate of 1% on total turnover after deducting Value Added … Continue reading

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STAMP DUTY (SD)

STAMP DUTY (SD) 1.1.          Meaning of SD Stamp Duty shall be charged at rates published in the Gazette on every specified instrument, Executed, Drawn or Presented in Sri Lanka Executed outside Sri Lanka being an instrument which relates to property … Continue reading

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PAY AS YOU EARNED (PAYE)

PAY AS YOU EARNED (PAYE) Update : 2020/01/01 PAYE is removed from 2020/01/01 and deduction of Advance Personal Income Tax (APIT) is replaced in lieu of PAYE tax with effect from 01.04.2020 on optional basis. As you are already informed by … Continue reading

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NATION BUILDING TAX (NBT)

NATION BUILDING TAX (NBT) Update: 2019/12/01 NBT is abolished with effect from December 01, 2019 1.1.          Meaning of NBT NBT is payable by every person (individual, Company, body of persons) or partnership who: Imports any article (other than any excepted … Continue reading

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INCOME TAX (IT)

INCOME TAX (IT)   1.1.    Meaning of Income Tax “Tax” means a compulsory payment to the government imposed under Inland Revenue Act no. 24 of 2017 regardless of whether that payment is designated as a tax, fee, duty, levy or … Continue reading

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ECONOMIC SERVICE CHARGE (ESC)

ECONOMIC SERVICE CHARGE (ESC)   1.1.    Meaning of ESC An Economic Service Charge shall be charged, if aggregate turnover from Trade, Business, Profession or Vocation carried on or exercised in Sri Lanka whether directly or through an agent or more … Continue reading

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CONSTRUCTION INDUSTRY GUARANTEE FUND LEVY (CIGFL)

CONSTRUCTION INDUSTRY GUARANTEE FUND LEVY (CIGFL) 1.1.          Meaning of CIGFL CIGFL is payable by any “Construction Contractor” or “Sub Contractor” on the “value of any construction contract” enforced in Sri Lanka at the specified appropriate rate. However, no CIGFL shall … Continue reading

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CAPITAL GAIN TAX (CGT)

CAPITAL GAIN TAX (CGT) 1.1.          Meaning of CGT Capital Gain Tax is a tax on gains realized on the transfer of ownership including sale, exchange, transfer, distribute, cancel, redeem, destroy, loss, expire, expropriate or surrender of an investment asset. The … Continue reading

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