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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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