Category: Tax News
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LankaTAX Brings Sri Lankan Tax Filings, AI Assistance, Calculations and Tax Advisers Into One Digital Platform
As Sri Lanka’s tax environment continues to evolve, taxpayers and businesses increasingly need quick access to legislation, regulatory updates, tax calculations, filing guidance and professional advice. LankaTAX is bringing these services together through a single digital platform that combines Sri Lankan tax research, AI-powered assistance, tax calculators, compliance resources and access to tax advisers and consultants. LankaTAX is…
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LankaTAX Unveils Comprehensive Tax Calculators for 2025/26
LankaTAX has unveiled a new suite of tax calculators designed to help individuals, businesses, employers and tax professionals estimate their tax liabilities for the 2025/26 Year of Assessment. The calculators are available through the LankaTAX online platform and bring together a range of Sri Lanka’s major tax computations in one digital resource. Access the LankaTAX Tax…
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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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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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Tax Exemption for Solar at home. What are the terms and conditions?
The terms and conditions for tax exemption on solar power systems at home, based on the provided context, are as follows: 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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What’s income tax rate on dividends?
The income tax rate on dividends varies depending on several factors as outlined in the Inland Revenue Act, No. 10 of 2006. Here are the details based on the provided context: Please note that these rates are subject to the specific conditions mentioned in the Act and may vary based on the type of dividend,…
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IMF sounds tough on tax evasions, corruption
By Sanath Nanayakkare The International Monetary Fund said in Colombo yesterday that authorities need to publish governance diagnostics periodically in relation to tax collection, tax exemptions and tax concessions to dispel any doubts in the public mind whether any parties or individuals would be evading taxes through the loopholes. “We have heard concerns from people…
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49 mn. tax unpaid by cinema halls in Colombo
The Colombo Municipal Council (CMC) there is an unpaid tax arrears of Rs. 49 million due from cinema halls located in the CMC jurisdiction. The amount is an arrears of Entertainment Tax from 2019 – 2023, they said. According to the Entertainment Tax Ordinance, every cinema hall is required to pay 08% of their daily…
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Sri Lanka to capture 500,000 out of one million “evaders” into tax net: official
Tuesday January 9, 2024 11:15 am ECONOMYNEXT — Sri Lanka plans to bring 500,000 out of some 1 million “tax evaders” who have the capacity to pay income tax into the tax net in a bid to increase direct taxation to 40 percent, according to State Minister of Finance Ranjith Siyambalapitiya. Speaking at a media…