Tax Advisory Services

Tax on gain shall be tax in Sri Lanka with effect from 1st April 2018 at a rate of 10% and such payment shall be paid to the Department of Inland Revenue within 30 days with Return of Capital gain.

I want to consult on Capital Gain

Tax shall be withheld by withholding agent or employer at the time of payment is made on employment income, investment returns and service fees & contract payments and amount deducted shall be remitted to the Department of Inland Revenue on or before 15th of following month and it is the duty of the agent to issue withholding tax certificate within one month to the withholdee other than to employee. Employee is entitling to withholding tax certificate within one month from the end of the year of assessment.

I want to consult on Widthholding Tax

Employer is required to withhold to relevant part of withholding tax (PAYE) in accordance with guild lines issued by the Commissioner General of Inland Revenue on cash and non-cash benefits of each employee. Employee is required to furnish return of income if he has income any other income other than employment income.

I want to consult of PAYE Tax

Administrative Review
A taxpayer who is dissatisfied with an assessment or other decision may request the Commissioner General to review the decision.

Appeal from Administrative Review
A person aggrieved by the decision of administrative review may appeal against the decision to the Tax Appeals Commission.

I Want Consultation on Income Tax Appeal

Any registered person may, if he is dissatisfied with any assessment or additional assessment made in respect of him by an Assistant Commissioner, or a penalty imposed, appeal against such assessment, additional assessment or penalty, as the case may be, to the Commissioner-General within thirty days after the service of notice of such assessment, additional assessment or imposition of penalty as the case may be.

I Want to Consult on VAT/NBT/ESC Appeal

Commissioner General may issue directions to the withholding agent with respect of service fee and tax payers too may issue directions to Banks or financial institutions on interest income

I want service for a Direction

A taxpayer engaged in business or investment activity or required the Act to make a return shall keep and maintain in Sri Lanka records and accounts sufficient to record all transactions and to ascertain the gains and profits made or the loss incurred in respect of those transactions.

The circumstances under which a person engaged in business or investment activity shall have accounts prepared by an approved accountant and the form by which an approved accountant shall attest to the accuracy and completeness of the accounts prepared shall be prescribed by regulations.

I want service of approved Accountant

Every registered person shall keep and maintain records in respect of the taxable activity carried on or carried out by him to enable the Commissioner-General or any other officer authorised by the Commissioner-General or that behalf to ascertain the liability for the payment of the tax.

The form of the records (books of account, whether contained in a manual, mechanical or electronic format or combination thereof, recording receipts or payments or income or expenditure and also includes vouchers, bank statements, invoice, tax invoices, tax credit notes, tax debit notes, receipts and such other documents as are necessary to verify the entries in any such books of account, details of any warehouse, go-down or any other place where stock of goods are kept and the stock of goods kept in such warehouses, go-down, or any other place, as the case may be, any list or record required to be maintained or kept in accordance with the provisions of the VAT Act or under any regulations made) to be maintained has been prescribed.

I Want Consultation on Record Keeping