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Sri Lanka Economic Summit 2020

The upcoming Sri Lanka Economic Virtual Summit 2020, is prepared to host a lineup of contemporary dialogues under this year’s theme ‘Roadmap for Take-Off: Driving a People-Centric Economic Revival’. Day Two of the event will commence with a session dedicated towards a focal topic on ‘Efficient Government and Progressive State Enterprises’.

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IRD is pleased to inform that the facility to e-Filing of Return of Income
(electronically filing a Return of Income) for the Year of Assessment 2019/2020
is open now for Individuals, Partnerships and Corporate Entities. More

Extension of Time to Remit Tax to the Inland Revenue Department

Any amount retained by the Employees’ Trust Fund (ETF) Board, any Provident
Fund or Employer as per the Circular No. SEC/2020/02 of the Commissioner
General of Inland Revenue, dated 18.02.2020 as income tax on terminal benefits due
for the retiring employees for which such employees were required to produce a
Direction from the Inland Revenue Department (IRD) within 90 days from the date
of such retention of tax, and if that 90 days period expires on or after 06-10-2020,
such 90 days period for retention of tax deducted by the ETF Board, any Provident
Fund or Employer, has been extended up to 31st December, 2020, considering the
COVID-19 pandemic situation prevailing in the country.

Commissioner General of Inland Revenue

Budget Proposal – Taxation Technical Notes
Budget speech 2021 presented by Prime Minister, Hon. Mahinda Rajapaksa, Minister of Finance on 17th November 2020, “Vistas of Prosperity and Splendor” to strength the short term and long term objectives of the current government.

There are few basic fundamentals of the taxations polices have been addressed and the policy of consistency of the taxation has been kept as the utmost priority to provide stable flat form for new investments. It has been addressed significantly the export oriented, manufacturing  industries of the economy to to grow keeping the tax policy stable and interest rates low. Foreign currency earners have been encouraged to generate more foreign currency flowing to the country. (Technical assessment)…

Technical Notes – Budget Speech 2021 Download