Sri Lanka: Budget proposals for FY 2022
On 12 November 2021, the Minister of Finance presented the budget proposals for 2022 that include following key tax measures: A one-time surcharge tax at a rate of 25% on companies or individuals with a taxable income exceeding Rs. 2 billion for
See MoreSri Lanka declares final tax payment deadline for AY 2020-21
On 29 September 2021, the Inland Revenue Department (IRD) of Sri Lanka published a notice regarding the final income tax payment deadline for the assessment year (AY) 2020-21, which is due on 30 September 2021. The payments can be made through
See MoreSri Lanka issues TP disclosure form for AY 2020/2021
On 16 August 2021, the Inland Revenue Department (IRD) of Sri Lanka published the transfer pricing disclosure form for the assessment year (AY) 2020/2021. Entities are required to file the TP disclosure form with their annual income tax return if
See MoreSri Lanka amends transfer pricing regulations
Sri Lanka has published amended Transfer Pricing (TP) Regulations that update the existing regulations of 2018. The amended regulations were published in the Official Gazette on 2 March 2021 and apply retroactively from 1 April 2020. The
See MoreSri Lanka launches online tax payment platform
The Inland Revenue Department (IRD) of Sri Lanka has published a notice introducing Online Tax Payment Platform (OTPP) with effect from 8 February 2021, to make tax payment with the collaboration of below mentioned banks, in addition to the
See MoreSri Lanka: Budget for 2021
The Inland Revenue Department (IRD) of Sri Lanka has issued a notice to taxpayers announcing the tax proposals in the 2021 Budget recently presented in parliament. As per the National budget of 2021 presented in Parliament, following new
See MoreSri Lanka: IRD publishes CbC reporting and notification due dates
On 22 December 2020, the Inland Revenue Department (IRD) of Sri Lanka has published a notice related to the filing of Country-by-Country (CbC) reports and notifications. According to the notice, the ultimate parent company or its
See MoreSri Lanka: IRD further extends due date of PAYE and WHT return
According to the notice of 23 December 2020, in response to the Covid-19 pandemic, Inland Revenue Department (IRD) extended the due date for submission of Annual Statement of Employer (PAYE) and Annual Statement of Withholding Tax (WHT) to 31
See MoreSri Lanka: IRD postpones Master file and CbC reporting requirements
According to the notice of 23 November 2020, considering the prevailing Covid-19 pandemic and the multiple requests made by the stakeholders to the Ministry of Finance, the requirements to submit the TP documentations of Master Files and Country by
See MoreSri Lanka: TP documentation requirement for domestic controlled transactions
According to the notice of 25 November 2020, under the Regulation 1 of the TP Gazette, transfer pricing regulations inter alia, are applicable to the local transactions made between associated enterprises (AE) as referred to in section 77 of the
See MoreSri Lanka: Budget for 2021
On 17 November 2020, Mr. Mangala Samaraweera, the Finance Minister of Sri Lanka presented Budget for 2021. Finance Minister stated that tax law will be amended where it will be mandatory for all Companies to file their taxes only on an
See MoreSri Lanka: Notice on second installment of tax payment for AY 2020-21
On 9 November 2020, Inland Revenue Department (IRD) of Sri Lanka issued a notice declaring the second installment payment of income tax for the assessment year (AY) 2020/2021, which is due on 15 November
See MoreSri Lanka declares penalty relief for late return filing
On 3 November 2020, in response to the Covid-19 pandemic Inland Revenue Department (IRD) of Sri Lanka has published a notice declaring penalty relief for late return submission for the assessment year 2019/2020. Under the provisions of the
See MoreSri Lanka publishes TP disclosure form for AY 2019-20
The Inland Revenue Department (IRD) has published the transfer pricing (TP) disclosure form and guide for the assessment year (AY) 2019/2020. Taxpayers are required to file the TP disclosure form with their corporate income tax return if they have
See MoreSri Lanka declares final tax payment deadline for AY 2019-20
The Inland Revenue Department (IRD) has published a notice on making the final income tax payment by 30 September 2020 for the assessment year (AY) 2019-20. Corporate taxpayers, Individual taxpayers, and all other entities can pay their taxes
See MoreSri Lanka: Notice on first installment of tax payment for YA 2020-21
On 12 August 2020, Inland Revenue Department (IRD) issued a tax notice related to first installment of tax payment for the year of assessment (YA) 2020-21, required to be paid by individuals, partnerships, companies, which is due on 15 August
See MoreSri Lanka: Further extension of tax return submission dates
On 3 July 2020, the Sri Lankan Inland Revenue Department has issued a notice on the further extension of following return/statement submission deadlines up to 31 December 2020 in line with the approval of "Tax Relief Measures to Facilitate Post
See MoreSri Lanka: Extended deadline of transfer pricing disclosure form for YA 2018/2019
On 29 May 2020, according to notice PN/Tax Return/2020-3, the Sri Lankan Inland Revenue Department has again extended the deadline for the transfer pricing disclosure form for Year of Assessment 2018/2019 to 30 June 2020. The deadline was
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