On 1 April 2024, the Sri Lanka Inland Revenue Department (IRD) issued a notice to taxpayers outlining the necessary procedures to secure a tax residence certificate (TRC). The requirements include: a) A request for TRC should be made to the

On 19 January 2024 the IMF issued a report following discussions with Sri Lanka. The report notes that the economic reform program implemented by Sri Lanka is helping economic recovery with positive real GDP growth in the third quarter of 2023,

On 4 January 2024, Sri Lanka’s Inland Revenue Department (IRD) published Circular No. SEC/2024/E/01 announcing the VAT registration requirements for suppliers of rubber, tea, and coconut products. As per the amendments made to the Value Added

On 28 December 2023, Sri Lanka’s Inland Revenue Department (IRD) issued the Notice to VAT Registered Persons announcing the new VAT rate of 18% from 15%—effective 1 January 2024. The notice also states that any advance payment made before 1

On 15 September 2023, the Sri Lanka Inland Revenue department (IRD) released the income tax return forms for the assessment year (AY) 2022-23. The returns include: Income tax return for individuals (Form ASMT IIT 001 E). Income tax return

On 9 May 2023, the Sri Lankan Inland Revenue Department (IRD) released Circular No: SEC/2023/E/03. This circular provides detailed guidelines for calculating income tax for the assessment year beginning on 1 April 2022. The circular takes into