On 26 July 2023, the Inland Revenue Department of Sri Lanka issued Circular No. SEC/2023/E/05, which extended the deadline for submitting quarterly advance income tax (AIT) statements. This extension applies to the reporting for the quarter ending on 30th June 2023, with the new due date set for 31st August 2023.
It’s important to note that the obligation to file quarterly AIT statements specifically applicable to banks and financial institutions. This requirement applies when they disburse interest, discounts, or income stemming from Islamic financial transactions or other debt obligations to resident individuals aged 59 years or older at the time of AIT deduction.
