Sri Lanka revises tax return submission deadline
On 18 May 2020, the Inland Revenue Department (IRD) of Sri Lanka issued a public notice declaring further extension for the submission of returns up to 15 July 2020 except Transfer pricing disclosure form. However previous notice issued under
See MoreSri Lanka extends return filing deadlines amid COVID-19 pandemic
On 21 April 2020, the Inland Revenue Department (IRD) of Sri Lanka announced extended deadlines for certain tax returns to 31 May 2020 in response to COVID-19 pandemic. The IRD announced revise due date for the following tax returns: Annual
See MoreSri Lanka: WHT payment extension due to COVID-19 pandemic
Sri Lanka has issued a notice on an extension of the payment deadline for withholding tax (WHT) amid COVID-19 pandemic. According to the notice, those who are liable to make withholding tax payments for the month of February 2020 which was due on
See MoreSri Lanka: Updated notice on implementation of amendments to the Inland Revenue Act 2017
On 8 April 2020, the Inland Revenue Department (IRD) of Sri Lanka published a revised version of a notice regarding the implementation of proposed amendments to the Inland Revenue Act, No. 24 of 2017. As instructed by the Ministry of
See MoreSri Lanka extends deadline for transfer pricing disclosure
On 20 March 2020, the Inland Revenue Department (IRD) of Sri Lanka has announced that, the deadline for submission of the transfer pricing disclosure Form has extended to 30 April 2020. IRD also noted that, the persons who submit transfer
See MoreSri Lanka implements proposed changes to the Inland Revenue Act
On 19 February 2020, the Sri Lankan tax authority published an amended version of a notice to the Implementation of Proposed Amendments to the Inland Revenue Act, No. 24 of 2017. Although the formal amendments are pending, the changes are
See MoreSri Lanka: IRD declares CbC reporting and notification deadline
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
See MoreSri Lanka proposes Budget for 2019
On 5 March 2019 Sri Lanka’s Government proposed its National Budget 2019 to the Parliament. The Budget includes following tax measures: -Income tax exemption for interest income accrued to a resident on sovereign bonds in foreign currency, as
See MorePakistan approves updating tax treaties with Sri Lanka, Nepal, France, Tunisia, Morocco, and Portugal
On 10 October 2017, the federal cabinet has granted approval to amend existing conventions on avoidance of double taxation treaties with Sri Lanka, Nepal, France, Portugal, Tunisia and Morocco for avoiding double taxation and the prevention of
See MoreSri Lanka: New income tax law 2017
On 7 September 2017, the Parliament of Sri Lanka has passed the new income tax law. Minister of Finance said all the provisions of the new income tax law will be implemented from the 1st of April 2018. Corporate Tax Rate: Beginning from 1 April
See MoreNegotiations for Sri Lanka-Singapore Free Trade Agreement (SLSFTA) Launched
On July 18, the governments of Singapore and Sri Lanka signed a statement on the opening of negotiations on a bilateral free trade agreement (FTA). The Free Trade Agreement (FTA) with Singapore would be beneficial to Sri Lanka because it would
See MoreSri Lanka: New law to revise TP penalties
According to new tax law Sri Lanka, corporate that violate transfer pricing (TP) rules can be fined up to 2% of the total amount of transactions between related parties. The new law also contains the provision to impose a penalty of up to 1% of the
See MoreFinland: Parliament ratified DTA with Sri Lanka
The Finnish Parliament on 16 December 2016 approved the double taxation agreement between Finland and Sri Lanka which was signed on 6 October 2016 in Colombo. The new treaty will be replaced by the existing Income and Capital Tax Treaty (1982)
See MoreFinland: Government submitted a bill to parliament for ratification of Finland- Sri Lanka DTA (2016)
The Finnish government submitted a bill to parliament on 10 November 2016 for ratification of the Finland- Sri Lanka Income Tax Treaty (2016), signed on 6 October 2016 in Colombo. The new treaty will be replaced by the existing Income and Capital
See MoreSri Lanka: Budget proposal 2017
On 10 November 2016, The Budget 2017 was presented to Parliament by the Minister of Finance Ravi Karunanayake. The main measures concerning corporate taxation are summarized below. Unless stated otherwise, the changes will take effect from 1 April
See MoreIMF comments on tax policy in Sri Lanka
On 23 September 2016 the IMF issued a press release following the conclusion of a staff visit to Sri Lanka to discuss the progress of the economic reform program. Sri Lanka’s economic performance in the first half of 2016 shows an improved
See MoreIMF report comments on economic and fiscal policy of Sri Lanka
On 14 June 2016 the IMF issued a report following the completion of consultations with Sri Lanka under Article IV of the IMF’s articles of agreement. GDP growth was 4.8% in 2015, generally unchanged from 2014. The economy is however facing an
See MoreIMF report comments on tax policy of Sri Lanka
On 5 February 2016 the IMF released a report following the conclusion of discussions by its staff in Sri Lanka under Article IV of the IMF’s articles of agreement. The Sri Lankan economy has been performing positively and real GDP growth was 5.2%
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