Tax Updates in Sri Lanka - NYX Corporate

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Tax Updates in Sri Lanka - NYX Corporate

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Providing updates about all taxes in Sri Lanka & expert support for individual income tax, TIN registration Sri Lanka, bookkeeping, company incorporation, company secretarial services, and accountancy consulting.

15/12/2025

The Inland Revenue Department (IRD) has issued a new notice regarding the format and specifications of Tax Invoices.

In response to requests from numerous VAT registered persons, the Commissioner General has postponed the effective date for the new Tax Invoice format (originally gazetted under No. 2463/05).

📅 New Effective Date: April 1, 2026 (Previously set for January 01, 2026)

05/12/2025

FILING DEADLINE EXTENSION NOTICE
The Inland Revenue Department has granted an extension for filing Returns of Income for the Year of Assessment 2024/2025.
New Deadline: December 31, 2025
In light of the recent cyclone and adverse weather conditions, taxpayers who submit their returns on or before December 31, 2025 will not face penalties for late submission.
We encourage all clients to utilize this grace period to ensure accurate and timely filing of their tax returns.
For professional tax filing assistance, please contact our office.

Contact Us:
📱 WhatsApp: +94 777 12 80 83
📧 Email: [email protected]
🌐 Web: nyxcorporate.com

04/12/2025

Mandatory Update: New Sri Lanka Tax Invoice Format Effective January 1, 2026

The Department of Inland Revenue has released Gazette 2463/05, introducing a comprehensive new format for all VAT Tax Invoices. This change is mandatory for all registered businesses and comes into effect on January 1, 2026.

To support your transition, we have compiled the official layout specifications. The attached image provides the clear structure required, including the placement of TINs, mandatory dates, and the specific YYMMM_QQQQ_###X serial number convention.

[Attached Image: Sri Lanka Gazette Invoice Requirements Sample Layout_watermarked.png]

Key Compliance Checklist:

- Verify your accounting software (e.g., QuickBooks) can generate the new serial format.

- Ensure all financial values are in whole Rupees (no cents).

- Confirm the correct placement of Supplier and Buyer details (TIN, address, phone).

Compliance is not optional; it requires immediate preparation. NYX Corporate Solutions specializes in corporate compliance, bookkeeping, and accounting software implementation.

Visit our website to read the full analysis and contact us for support: https://nyxcorporate.com/2025/12/02/alert-new-mandatory-tax-invoice-format-effective-jan-2026-is-your-business-ready/

04/12/2025

Is Your Business Ready for the HUGE Invoice Change in 2026? 🇱🇰

The Department of Inland Revenue has released Gazette 2463/05, mandating a strict new format for all VAT Tax Invoices, effective January 1, 2026.

If you are VAT registered, you must update your software and templates to comply with the new rules, including the complex YYMMM_QQQQ_###X serial number structure. Penalties for non-compliance are severe!

What you need to know now:
- The mandatory effective date.
- New requirements for Buyer/Supplier TIN and placement.
- The exact serial number formula.
- The reason you can no longer use cent values (whole numbers only).

Don't wait until the last minute! NYX Corporate Solutions is here to ensure your bookkeeping and accounting systems (like QuickBooks) are updated and fully compliant.

➡️ Read our full guide on the new regulations and prepare your business now: https://nyxcorporate.com/2025/12/02/alert-new-mandatory-tax-invoice-format-effective-jan-2026-is-your-business-ready/

25/11/2025

🚨 FINAL WARNING: DEC 8TH DEADLINE (EXTENDED) FOR Y/A 2024/2025!

Don't let the Year of Assessment 2024/2025 (April 2024 – March 2025) become a penalty problem. The final submission deadline is NEXT MONDAY, December 8th.

Are You Liable to File?
You are legally required to file your Individual Income Tax (IIT) Return if your total annual Assessable Income from all sources exceeded LKR 1,200,000 (or LKR 100,000 per month) during the 2024/2025 Year of Assessment.

This is critical for:
- Salaried Professionals whose total earnings exceeded the threshold.
- Business Owners and Freelancers.
- Individual with significant Investment, Rental, or Other Income.

The Penalty Price of Procrastination:
Miss the November filing deadline and you risk facing SEVERE PENALTIES (the greater of the following):

Fixed Fine: LKR 50,000, plus LKR 10,000 for each month of delay.

OR

Percentage Fine: 5% of the tax owing, plus a further 1% of tax owing for each month of delay!

Don't pay the price of procrastination. Beat the rush and secure your compliance instantly.

WhatsApp us urgently on 0777 12 80 83 to secure your filing with NYX Corporate Solutions NOW!

07/08/2025

The Inland Revenue Department has issued an important notice (PNI/IT/2025-03 dated 23.07.2025) reminding all taxpayers to submit their Statement of Estimated Tax (SET) for the 2025/2026 Year of Assessment by August 15, 2025, with the first quarterly income tax installment due on the same date. Although the 2025 National Budget proposed a new method to calculate tax installments based on the previous year's income tax, this has not yet been enacted, so the existing provisions of the Inland Revenue Act, No. 24 of 2017, still apply.

For more details and guidelines, please contact us at 077 712 8083, [email protected], or visit nyxcorporate.com.

27/06/2025

Struggling to File Your Tax Return?
You’re not alone — many professionals are confused by the Inland Revenue guidelines. Let NYX Corporate Solutions handle your Individual Income Tax filing so you don’t have to stress.

✅ Fast.
✅ Compliant.
✅ Done right.

📲 DM us or WhatsApp 077 712 8083 to get started today.

12/06/2025

🆕 New Blog Post Out Now!

🔎 Sri Lanka is set to introduce a major amendment to the Companies Act that will make it mandatory for businesses to disclose their beneficial owners—a move aimed at increasing corporate transparency and fighting financial crime.

But what does this really mean for business owners, directors, and startups in Sri Lanka?

📘 In our latest blog post, we break down:
✅ What does beneficial ownership mean
✅ What details companies must disclose
✅ Penalties for non-compliance
✅ Why this change matters—and how to stay compliant

🧠 Whether you're running an established company or incorporating a new one, this is a must-read!

👉 Read the full article here: https://nyxcorporate.com/2025/06/11/sri-lankas-companies-act-amendment-mandatory-disclosure-of-beneficial-owners/

📞 Need help aligning your company’s records with the new law? Reach out to NYX Corporate Solutions today.

11/06/2025

📣 REMINDER: Individual Income Tax Return Filing is Now OPEN!

If you're a resident individual in Sri Lanka, it's time to file your Individual Income Tax return for 2024/25!

🗓 Deadline: 30th November 2025
🌐 File online via: IRD e-Services Portal

💼 Not sure how to file? Need guidance with tax documents?
Let NYX Corporate Solutions handle it for you — accurately, on time, and stress-free.

📩 Message us directly or email [email protected] for assistance.

We make tax season smooth for everyone. 💙

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