D. P. R. Consultants is a Professional Services Providing Company in Sri Lanka since 1998 and Our Key objective is to provide services relating to any business organization in Sri Lanka or elsewhere from the incorporation of any company or organization until cease of business operations or liquidation of the company in Sri Lanka.
Our Services in Sri Lanka includes incorporation of Companies & Secretarial assignments, Preparation of Financial Statements or Outsourcing of Accounting function, Registrations with Department of Inland Revenue and Tax Consultancy Services in Sri Lanka, Auditing, Study of Accounting & operation systems, Registrations with Labour Departments & Consultations on Labour law in Sri Lanka and Corporate Training Programs Read More »
Change of Value Added Tax and Nation Building Tax - With effect from 14th January 2016
With effect from 14th January 2016 Rate of Value Added Tax and Nation Building Tax shall be 11% & 2% respectively due to the amendments proposed to Value Added Tax (VAT) and Nation Building Tax (NBT) Proposed in the Budget 2016 should not be implemented until the relevant legislative enactments are passed by Parliament. However, considering the cost of living impact, restriction on the exempt supplies applicable on wholesale and retail trade (deemed VAT) is removed with effect from 01.01.2016. Therefore Tax Payers are advised to adjust Value of Supplies for VAT & NBT in respective Tax Returns for VAT & NBT charged from 1st January 2016.
Registration Threshold for Value Added Tax and Nation Building Tax
With decision made by the Ministry of Finance on 13th January 2016 registration threshold for Value Added Tax is Rs. 3.75 million and Nation Building tax shall be paid if turnover is in excess of Rs. 3.75m per quarter and Rs 25 million per quarter for certain sectors such as tourist hotels etc.
Restrictions on Transfer, Lease or Mortgage of Lands in Sri Lanka to Foreigners
Land (Restrictions on Alienation) A Bill pass by the Parliament to make provisions to stipulate Restrictions on the Alienation of Lands in Sri Lanka to foreigners, foreign companies and certain institutions with foreign shareholding; to specify the circumstances where the exemptions are granted; to impose a Land Lease Tax for leasing of lands to foreigners,foreign companies and certain institutions with foreign shareholding;for the granting of concessions to certain development projects.
Thank you so much for you insightful answers, they are invaluable for our assessment of Sri Lanka tax reforms. Your tax expertise is an invaluable to us in understanding tax regulations in Sri Lanka. Roman Kononenko, Consultant, Doing Business Unit, Paying Taxes Indicator, The World Bank / IFC,Washington, D.C. 20433.