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Sri Lanka

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Sri Lanka Inland Revenue Issues Notices on Further Extension of Tax Return Submission Deadlines and VAT Exemption for Tour Operators

Sri Lanka Inland Revenue has issued a notice to taxpayers on the further extension of tax return submission deadlines due to the prevailing (COVID-19) situation in the country. This includes that the deadlines for the following are extended to 15 July 2020:

  • Annual Declaration of Employer (PAYE Tax Return) - Y/A 2019/2020
  • Annual Statement of Withholding Tax (WHT) - Y/A 2019/2020
  • Economic Service Charge (ESC) Return - Y/A 2019/2020
  • Compounded Stamp Duty Return for the quarter ending 31 March 2020
  • Value Added Tax on Financial Services (VAT on FS) Interim Estimate for the last six months of the Year of Assessment 2019/2020 (financial institutions which submit returns on year of assessment basis)
  • Value Added Tax returns for the months of February, March, and April, and the quarter ending 31 March 2020 (includes the addition of April as compared to the prior extension)

Note, the prior extension was to 31 May 2020, including for the Transfer Pricing Disclosure Form for the Y/A 2018/2019. This has not been further extended in the latest notice.

In addition to the notice on further return deadline extensions, Inland Revenue has also issued a separate notice to tour operators registered with Sri Lanka Tourism Development Authority regarding a VAT exemption. This includes that the supply of services in respect of inbound tours by a travel agent registered with the Sri Lanka Tourism Development Authority is exempt from VAT with effect from 1 April 2020, subject to formal amendments to be passed in Parliament.

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