Sri Lanka: Review of recent tax developments

Reports about recent tax developments

Reports about recent tax developments

Article Posted date 22 June 2023

The KPMG member firm in Sri Lanka prepared reports about recent tax developments (read more at the hyperlinks provided below).

  • The Minister of Finance issued Gazette Notification No 2334/21 dated 31 May 2023 prescribing additional classes of persons who are required to register under Inland Revenue Act No 24 of 2017. Read a 2023 report [PDF 274 KB]
  • The Inland Revenue (Amendment) Act No 04 of 2023, which includes changes to the taxation of dividends, changes to various exemptions, enhanced capital allowances, and provisions relating to electronic filing, was certified by the Speaker on 8 May 2023 and will become effective on the specific dates referred to under specific sections. Read a 2023 report [PDF 331 KB]
  • The Department of Inland Revenue issued a new Circular No. SEC/2023/E/02 (dated 6 April 2023) [PDF 1.2 MB] on the quantification of certain amounts for benefits in calculating employment income.
  • The Department of Inland Revenue issued Circular No SEC/2022/E/06 (revised, dated 17 March 2023) [PDF 1.7 MB] on the requirement of tax clearance for foreign outward remittances and related procedure.

 

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