D. P. R. Consultants is a Professional Services Providing Company in Sri Lanka since 1998 and Our Key objective is to provide services relating to any business organization in Sri Lanka or elsewhere from the incorporation of any company or organization until cease of business operations or liquidation of the company in Sri Lanka.
Our Services in Sri Lanka includes incorporation of Companies & Secretarial assignments, Preparation of Financial Statements or Outsourcing of Accounting function, Registrations with Department of Inland Revenue and Tax Consultancy Services in Sri Lanka, Auditing, Study of Accounting & operation systems, Registrations with Labour Departments & Consultations on Labour law in Sri Lanka and Corporate Training Programs Read More »
Changes of Value Added Tax with effect from 2nd May 2016
Following changes effective from 2nd May 2016 as per Ministry of Finance. (i) VAT rate shall be increased to 15%. (ii) Threshold for the registration for VAT shall be Rs.3 million per quarter or Rs.12 million per annum.(iii) Wholesale and retail trade shall be liable for VAT. (iv) supplies which are exempted shall be liable for VAT. a) Supply of Telecommunication services, b) Import or supply of telecom equipment or machinery, high tech equipment including copper cables for telecom industry, c) The issue of licenses to local telecom operators by TRC, d) Supply of healthcare services e) Supply of goods or services to any specified proprojects other than housing projects
Changes of Nation Building Tax with effect from 2nd May 2016
NBT rate is unchanged at 2%, Threshold for the registration for NBT should be Rs.3 million per quarter, present threshold of Rs.25 million per quarter should be reduced to Rs.3 million per quarter except for any locally procured agricultural produce in the preparation for sale, The present exemptions on the following articles or services should be removed. Telecommunication service, Supply of electricity, Lubricants, Supply of goods or services to any specified projects other than housing projec
Economic Service Charge - Year of Assessment 2016/2017
The present exclusion of profit making businesses shall be removed, The present maximum liability of Rs.120 million per year shall be removed, The rate is increased from 0.25% to 0.5%, The period for carried forward of ESC to be set off against income tax payable for any period commencing from April 1, 2016, is reduced from 5 years to 3 years, ESC shall be charged in advance from the importers of items subject to Special Commodity Levy.
Thank you so much for you insightful answers, they are invaluable for our assessment of Sri Lanka tax reforms. Your tax expertise is an invaluable to us in understanding tax regulations in Sri Lanka. Roman Kononenko, Consultant, Doing Business Unit, Paying Taxes Indicator, The World Bank / IFC,Washington, D.C. 20433.