Author: LankaTax
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Latest Amendments to Social Security Contribution Levy Act, No. 25 of 2022
Social Security Contribution Levy (Amendment) Act, No. 15 of 2024 by the Parliament of the Democratic Socialist Republic of Sri Lanka is the latest amendment to the Social Security Contribution Levy Act, No. 25 of 2022. Here is a summary of the key amendments: Download the Amendment Act: http://documents.gov.lk/files/act/2024/3/15-2024_E.pdf
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Summary of the Value Added Tax (Amendment) Act, No. 16 of 2024
Short Title: The Act may be cited as the Value Added Tax (Amendment) Act, No. 16 of 2024. Amendments to Section 2: Amendments to Section 10: Prevailing Language: Download the Amendment Act: http://documents.gov.lk/files/act/2024/3/16-2024_E.pdf
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Report a Tax Evasion and Get Rewarded upto 15%
Informants may receive an award (up to 15% of revenue collected) when tax is collected based on the information provided, as per the relevant tax laws. How can someone report tax evasion To report tax evasion, you can use the Tax Evasion Reporting Form available on the official website of the Inland Revenue Department. Here
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What will happen if you evade paying taxes
If taxes are avoided, the consequences can be severe and include penalties, interest on the unpaid amount, and legal action. Here are the specifics based on the provided context: It is important to comply with tax laws to avoid these penalties and additional charges. If you are facing difficulties with tax payments, it is advisable
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How to Register a company in Sri Lanka?
To register a company in Sri Lanka, especially if it’s an overseas company looking to establish a place of business within the country, the following steps and requirements, as outlined in the provided context, should be followed: These steps are based on the information provided in the context and are specific to overseas companies. Local
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What are tax on dividends income
The tax on dividend income is addressed in the provided context under different sections of the Inland Revenue Act: These excerpts from the Inland Revenue Act provide details on how dividends are taxed, including the rates, conditions for exemptions, and the distinction between dividends paid by resident and non-resident companies
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Chat2Find releases 3 Specialised ChatBots for Sri Lanka Market
Jan 31, 2024, London Chat2find AI company specialised in conversation AI has released 3 key Artificially Intelligent (AI BOTS) services for Sri Lanka market specialised in taxation, law and business. Chat2Find AI provides cutting edge solutions to users who seek unrestricted and unbiased information related to any specialised subject. LankaTAX – AI Tax Advisor LankaTax is an
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What are the regulations for tax exemptions?
Based on the provided context, there are several regulations for tax exemptions in Sri Lanka, which include: Please ensure to consult the latest tax guidelines or a tax professional for the most current and detailed information, as tax laws and regulations can change frequently.
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How to apply for a tax relief?
To apply for tax relief, you would typically need to follow these steps: For specific instructions and guidance, refer to the tax authority’s official guides or contact their support services for assistance. In the context of Sri Lanka, you can reach out to the Taxpayer Service Unit (TSU) for help with registration as a taxpayer,
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How can foreigners avoid paying tax in Sri lanka?
Foreigners can avoid paying tax on certain types of income in Sri Lanka by meeting specific conditions outlined in the Inland Revenue Act. Here are some ways based on the provided context: It is important for foreigners to consult with a tax professional or refer to the Inland Revenue Act for detailed advice tailored to
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Tax on Interest Revenue
Interest revenue is subject to taxation under various conditions as outlined in the Inland Revenue Act, No. 10 of 2006. Here are some key points regarding the tax on interest revenue: These points provide an overview of how interest revenue is treated for tax purposes according to the Inland Revenue Act of Sri Lanka. Specific
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Income tax on Rent
Income tax on rent is applicable under the Inland Revenue Act. Here are some key points regarding the taxation of rental income: It is important to consult the Inland Revenue Act or a tax professional for detailed information on how to report rental income and claim any applicable deductions or reliefs.