Sri Lanka’s Inland Revenue Department has reminded taxpayers to settle VAT on financial services for March 2026 by the prescribed deadline, warning that late payments will attract strict penalties that will not be waived or reduced under any circumstances.
Sri Lankan Inland Revenue Department (IRD) has issued a final reminder to all relevant taxpayers regarding the payment of VAT on Financial Services (VAT on FS) for March 2026, with the due date set as 20 April 2026. Taxpayers are required to settle all outstanding liabilities on or before this deadline to avoid enforcement action.
The Commissioner General of Inland Revenue has encouraged taxpayers to use the Online Tax Payment Platform (OTPP) to make payments, noting that comprehensive user guides are available on the IRD’s official website. Alternatively, payments may also be made at any branch of the Bank of Ceylon for those who prefer traditional banking channels.
The IRD has reiterated its strict stance on compliance, stating that penalties imposed for late payment or non-payment will not be waived or reduced under any circumstances. It further warned that payments made via cheque, bank draft or pay order must be realised by the due date; otherwise, they will be treated as late payments.
For correct processing of payments, the IRD has specified Tax Type Code: 75 and Payment Period Code: 26030. For assistance or queries, taxpayers may contact the IRD hotline on 1944 or refer to updates published on the department’s official website.
