What is Employment Income | How to calculate Assessable Income from Employment for the Y/A 2023/2024 & Y/A 2024/2025

Employment income is an essential component of taxation, representing the total gains and profits derived from an individual’s employment. This includes all remuneration received in cash or kind from an employer as compensation for services rendered. For the year of assessment (Y/A) 2023/2024 in Sri Lanka, employment income plays a pivotal role in calculating the…

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VAT & SVAT Registration requirements for Tea, Rubber, and Coconut Suppliers – SEC/2024/E/01 [04 Jan 2023]

The circular, identified as Circular No. SEC/2024/E/01 and dated January 4, 2023, addresses suppliers involved in the production of tea, rubber, and coconut products. The primary focus of the circular is on the registration process under the Value Added Tax (VAT) and the Simplified Value Added Tax Scheme. The circular outlines the specific industries that…

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Is it necessary for individuals who are not residents to obtain a Taxpayer Identification Number (TIN)?

In terms of section 102(1) of Inland Revenue Act, No. 24 of 2017 (IRA), every person chargeable with Income Tax shall obtain the registration with the Commissioner General of Inland Revenue (CGIR). Further to that, in terms of the section 102(3) of IRA, the Extraordinary Gazette Notification bearing No 2334/21 dated 31/05/2023 issued specifies additional…

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