On 17 December 2019, the Inland Revenue department (IRD) of Sri Lanka has issued a notice on the filing of Country-by-Country (CbC) reports by MNE groups.
According to Regulation 6 of the Extraordinary Gazette No. 2104/4 of 31 December 2018, CbC reporting and notification requirements apply for reporting fiscal years beginning on or after 1 April 2019 for MNE groups whose total consolidated group revenue exceeded LKR 115 billion in the previous year.
The CbC notification should contain whether it is the Ultimate Parent Entity or the Surrogate Parent Entity of the MNE Group; or if it is not the Ultimate Parent Entity or the Surrogate Parent Entity, the identity and tax residency of the Reporting Entity of the MNE Group. The Notification should be submitted by e-mail to secretariat@ird.gov.lk or by post.
The initial notification deadline for the year starting 1 April 2019 was 31 December 2019, and the notification deadline for the year starting 1 January 2020 is 31 December 2020. The notice also indicates the CbC report deadline for the year ending 31 March 2020 is 31 March 2021 and the reporting deadline for the year ending 31 December 2020 is 31 December 2021.
