News

IRD announces AIT exemption for small savers

Published

3 months ago

April 1, 2025

editor

The Inland Revenue Department (IRD) has announced a simplified self-declaration process to alleviate the 10 percent advance income tax (AIT) burden on interest earnings for the low and middle-income earners.

Outlined in Circular SEC/2025/E/03, the new system targets the resident taxpayers with a total annual taxable income not exceeding Rs.1.8 million.

taxpayers can now submit a self-declaration form to their banks or financial institutions to gain exemption from the standard AIT deductions on the interest income from deposits, savings accounts and Islamic financial products.

The taxable monthly income threshold has increased from Rs. 100,000 to Rs. 150,000, providing tax relief.

Meanwhile, under new tax policies, a 15% tax on foreign service income has been introduced, and stamp duty on leases and rentals has doubled to Rs. 20 per Rs. 1,000.

News

Former Eastern Provincial Council member arrested

Published

11 hours ago

July 6, 2025

editor

Ampara District Organizer of the Tamil Makkal Viduthalai Pulikal party and former member of the Eastern Provincial Council K. Pushpakumar alias Iniya Bharathi has been arrested.

He was arrested over the abduction and disappearance of the former Vice Chancellor of the Eastern University Prof. Subramaniyam Ravindranath.

Sivanathurai Chandrakanthan, alias Pillayan, the leader of the Tamil Makkal Viduthalai Pulikal (TMVP) and former State Minister, was arrested by the Colombo Criminal Investigation Department at his office in Batticaloa on April 8, over this incident.

He was later detained for 3 months under the Prevention of Terrorism Act.

Iniya Bharathi, also known as Kumaraswamy Pushpakumar, was arrested based on information revealed during the interrogation of Pillayan.

News

e-Revenue Licence system down due to technical glitch, ICTA says

Published

11 hours ago

July 6, 2025

editor

The Information and Communication Technology Agency of Sri Lanka (ICTA) said the electronic Revenue Licence system (eRL 2.0) is currently unavailable due to a critical technical infrastructure issue.

According to the ICTA, the disruption began on July 3, 2025, and has made vehicle revenue licence issuing services inaccessible.

The unavailability is expected to continue until July 9, 2025.

The ICTA expressed regret for the inconvenience caused to the public and assured that technical teams are working urgently to resolve the issue.

The agency also said that further updates will be shared as work progresses, with an official notice to be issued once services are restored.