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Impact of VAT amendment to imported fabric

As per the amendments made by Value Added Tax (Amendment) Act No. 25 of 2018, following exemptions were removed with effect from 16.08.2018.Supply or Import of;fabric for domestic consumption subject to a cess at a specific...
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VAT liability on sale of residential houses and condominium units of a condominium project.

As per the VAT amendment Act, No.25 of 2018, the VAT exemption granted for sale of residential houses and residential condominium units of a condominium...
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Effective tax rate of Finance industry upon introducing Debt repayment levy

Effective tax rate of Finance industry will gone to 57% upon introducing Debt repayment levyAs per the Finance Bill published on 10th August 2018,Debt repayment levy(DRL) will be introduced...
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Proposed new Taxes as per the bill issued on 10.08.2018

Tourism Development Levy (TDL)Institutions licensed under the Tourist Development Act, No. 14 of 1968 and institutions licensed under the Tourism Act, No. 38 of 2005 from 01.09.2018,if the annual turnover...
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Are you permitted to prepare Financial Statements for the year ended December 31 and have you an interest income on government securities?

As per the letters dated February 5,2018 and March 12,2018 issued by the Commissioner General of Inland Revenue to the Sri...
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Statement of Estimated Income Tax Payable & tips on Self Assessment payments

Statement of Estimated Income Tax Payable As per the Section 90,91,92 of the Inland Revenue Act No.24 of 2017 each person who is liable to pay income tax is required to submit a statement...
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Values for Non cash benefits

Department of Inland Revenue has published revised Values of non cash benefits for PAYE purposes. These are effective from 01.04.2018. Key Changes are given below
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Return of Income and installment payments for Y/A 2018/19

Return of Income Inland Revenue Act No. 24 of 2017 is effective from 01.04.2018 (i.e Y/A 2018/19).As per section 93 of Inland Revenue Act No. 24 of 2017, every person shall file a return of income...
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The benefit on vehicle(hired or operating lease) given to an employee for the purpose of exclusively use in private

"The value of benefit to an employee from the (fully or partly) private use of any motor vehicle should be the market value"If the company pays...
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Should every individual need to open an income tax file?

As per the provisions of the Inland Revenue Act No. 24 of 2017, every person who has a taxable income shall file a return of income.However, a resident individual who only has income from employment that...
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Special attention to the companies having undistributed dividend income

As per the transitional provisions published on 01st April 2018,In case of any dividend paid by any company prior to April 01, 2019, out of any such dividend received by that company from...
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The impact of non-availability of Direction procedure for Investment Returns

As per the Section 84 of the Inland Revenue Act No. 24 of 2017, interest, discounts , rent etc. are  subject to withholding tax at the rates given below.Investment ReturnWithholding...
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Impact of Withholding Tax (WHT) on Tuition industry.

As per the Section 85 of the Inland Revenue Act No.24 of 2017, Withholding Tax should be deducted from payment for  teaching , lecturing ,examining ,invigilating or supervising an examination   made...
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Consequences on non compliance with the provisions of withholding tax

Withholding agents are required to deduct relevant withholding taxes and remit to the Department of Inland Revenue in accordance with the provisions of the Inland Revenue Act. If any withholding...
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How to handle tax burden on interest

As per the Inland Revenue Act, No.24 of 2017, there is a restriction to deduct interest on borrowings when calculating taxable profit from a business.The restriction is that,if the business is a manufacturing entity, maximum...
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A Special note on Withholding Tax

Based on Circular No.SEC/2018/06 dated 18.04.2018 issued by the Commissioner General of Inland Revenue, important points on withholding tax are given below.
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The reality of PAYE under the New Inland Revenue Act

Employees, those who were entitled only for salary up to Rs.425,000 (without travelling allowance) will be benefited from New IR Act and if salary exceeds Rs.425,000,higher PAYE tax needs to be paid compared...
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KEY CHANGES IN THE INLAND REVENUE ACT, NO 24 OF 2017

The provisions of the Inland Revenue Act, No 24 of 2017 shall effect from today onwards (1/4/2018).You may make sure whether you are aware following key changes.
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