The Finance Act no. 18 of 2021 (“Act”) was certified by the Honorable Speaker on 15 September 2021.
This Act provides for the tax amnesty framework in relation to the voluntary disclosure of undisclosed taxable supplies, income, and assets by individuals and entities. In addition, provision has been made for write-off of tax arrears.
Transfer Pricing (TP) regulations under extraordinary gazette no. 2217/7 (“Regulations”), have been issued under Section 194 of the Inland Revenue Act no.24 of 2017 as amended (“IRA”), replacing the extraordinary gazette notification no.2104/04 issued previously under Inland Revenue Act no.24 of 2017. The Regulations will be effective from 1 April 2020.
The Value Added Tax (Amendment) Act No 09 of 2021 (“Amendment Act”) was certified by the Honorable Speaker on 13 May 2021.
Under the VAT Amendment Act, the following amendments have been made to the Value Added Tax Act No. 14 of 2002 (“VAT Act”).
The Inland Revenue (Amendment) Act No. 10 of 2021 (“Amendment Act”) certified by the Hon. Speaker on 13 May 2021, amends the Inland Revenue Act No. 24 of 2017 (“IRA”).