SRI LANKA: CANADA: COVID-19 VAT IMPLICATIONS

SRI LANKA – Update 8th July

Sri Lanka Further Extends Deadlines for Various Tax Returns

The Inland Revenue Department has further extended the submission deadlines for various returns until 31 December 2020.

The deadlines for the following returns had been previously postponed until 15 July 2020 :

• annual declaration of employer (PAYE Return) for year of assessment (YA) 2019/2020; – annual statement of withholding (WHT return) for YA 2019/2020;
• economic service charge return for YA 2019/2020;
• compounded stamp duty return for the quarter ended 31 March 2020;
• interim estimate of value-added tax (VAT) on financial services for the last 6 months of YA 2019/2020 (for financial institutions that submit returns on year of assessment basis); and
• VAT returns for February and March 2020 and the quarter ended 31 March 2020.

In addition, the submission deadlines for the following tax returns have been extended for the first time until 31 December 2020:

• betting and gaming levy return for the quarter ended 31 March 2020 (statutory deadline was 20 April 2020);
• VAT on financial services return for YA 2019/2020 for financial institutions that submit returns on accounting year basis (the statutory deadline is one month after the taxable period);
• VAT returns for April and May 2020 (statutory deadline was 31 May 2020 and 30 June 2020); and
• debt repayment levy return for YA 2019/2020 for financial institutions that submit returns on accounting year basis (statutory deadline is 6 months from the end of financial year).

Source Credit – IBDF

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