Circular No. SEC/2023/E/03, issued on May 9, 2023, provides guidance on the calculation of Income Tax payable for the year of Assessment starting from April 1, 2022. The circular, published by the Inland Revenue Department of Sri Lanka, aims to assist taxpayers in understanding the process and requirements for determining their income tax liability. It…
The Circular SEC 2022/E/05 (Rev) issued by the Inland Revenue Department (IRD) of Sri Lanka provides guidance on the quantification of values for non-cash benefits in calculating employment income for tax purposes. The circular defines non-cash benefits as any benefit provided by an employer to an employee, other than cash, that has a monetary value….
Notice to ETF Board, Provident Funds and Employers who have retained the Tax on Terminal Benefits to Retiring Employees. Any amount retained by the Employees’ Trust Fund (ETF) Board, any Provident Fund or Employer (hereinafter referred to as the “Retainers”) as per the Guideline published by Circular No. SEC/2020/02 of the Commissioner General of Inland…
The Government has published bills to amend the Income Tax and VAT Act. These bills subject to pass by the parliament and certify by the Hon. Speaker. Income Tax Income Tax (Amendment) Bill – English Income Tax (Amendment) Bill – Sinhala VAT VAT (Amendment) Bill – English VAT (Amendment) Bill – Sinhala