Sri Lanka’s vibrant gem and jewellery sector is set to sparkle once again, following a significant move by the Inland Revenue Department (IRD) to resume Value Added Tax (VAT) refunding for tourists. Effective from July 4, 2025, tourists departing from Bandaranaike International Airport (BIA) can now reclaim the VAT paid on gems and jewellery purchased...
Colombo, July 7 – Sri Lankan consumers and businesses could soon face even longer delays in receiving goods purchased from overseas online platforms unless the country updates its outdated e-commerce tax regulations. Thousands of parcels ordered by Sri Lankans from popular international sites such as TEMU, AliExpress, and eBay are currently reported to be stuck...
1. Refunds of Overpaid Taxes (Section 150) Refund Limits: Before April 1, 2025: Up to Rs. 60,000 per year or Rs. 15,000 per quarter. After April 1, 2025: Increased to Rs. 180,000 per year or Rs. 45,000 per quarter. Time Limits for Claiming Refunds: For assessment years before April 1, 2024: File refund claims within 4 years from the end of the assessment year if you file a tax...
Sri Lankan President Anura Kumara Dissanayake has pledged to crack down on illicit business networks and black-market operations, emphasizing the government’s commitment to financial transparency and revenue growth. Speaking at the launch of National Tax Week, the President highlighted the country’s strong fiscal performance in the first five months of 2025: – Inland Revenue Department...
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