Public ruling on year change approval – PR/IT/2019/01

Download – Public ruling on year change approval – PR/IT/2019/01 (10/05/2019)

Taxpayers who have already obtained the approval from Commissioner General to prepare their accounts for a period other than the year of assessment, in order to ascertain income tax payable.

• For the taxpayers who are willing to apply provisions of both former IR Act (No. 10 of 2006) and New IR Act (No. 24 of 2017), to the ascertainment of income tax payable for the year of assessment 2018/2019
  1. For the period prior to 01st of April 2018 – Ascertain the income tax payable based on the provisions of Inland Revenue Act No. 10 of 2006
  2. For the period after 01st of April 2018 – Ascertain the income tax payable based on the provisions of Inland Revenue Act No. 24 of 2017

• For the taxpayers who are willing to apply the provisions of Inland Revenue Act No. 24 of 2017 for the whole year of assessment 2018/2019 – Ascertain the income tax payable based on the provisions of Inland Revenue Act No. 24 of 2017