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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...
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.
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...
