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Introduction: The Inland Revenue Department (IRD) of Sri Lanka has introduced stringent penalties for taxpayers who fail to submit their annual income reports by the November 30 deadline. This measure, in accordance with the existing Inland Revenue Law, aims to…
In a dynamic landscape of taxation, staying abreast of regulations is crucial for individuals and businesses alike. Recently, the Sri Lankan government issued a Tax Alert, outlined in Gazette Notification No 2334/21 dated 31 May 2023. This notification introduces additional categories…
A gazette notice dated 31st May 2023 has been issued under S102(3) of the Inland Revenue Act. Section 102 provides who are liable to obtain a TIN (Taxpayer Identification Number) registration. Accordingly, the following classes of persons are required to…
The Inland Revenue (Amendment) Act No. 04 of 2023 has been officially certified by the Speaker on 8th May 2023. This Act will be implemented on specific dates mentioned in the attached Tax Alert, bringing about changes to the existing…
WHO ARE LIABLE TO SSCL (AND NEED TO OBTAIN REGISTRATION FOR THIS TAX) Any person who is a Importer Manufacturer Service Provider Wholesale or retail trader(Includes import & sale. Excludes sale by manufacturer identified above) REGISTRATION – Every taxable person…