Income Tax Qualifying Payments and Reliefs for Individuals?
Qualifying payments and reliefs for individuals in terms of income tax are provisions that allow taxpayers to reduce their taxable income. Based on the information provided: It’s important to note that these figures and provisions are subject to change, and individuals should refer to the latest tax guidelines or consult with a tax professional for…
When Should You Pay Your Income Tax?
You should pay your income tax based on the payment period applicable to you. For example, if we look at the Corporate Income Tax (CIT) payment periods provided in the context, they are structured as follows: Additionally, there is a final payment for the period from 01 April of the previous year to 31 March…
Value added Taxes payable by the importers?
The Value Added Tax (VAT) payable by importers in Sri Lanka is charged, levied, and collected as if it is a customs duty on all goods imported into Sri Lanka. This means that VAT is applied to the importation of goods in a similar manner to how customs duties are applied, and all imported goods…
How to appoint a Tax advisor?
To appoint a tax advisor in Sri Lanka, especially if you’re looking to authorize them to act on behalf of your company with the Inland Revenue Department (IRD), you can follow these steps: It’s important to ensure that the tax advisor meets the qualifications required by the IRD, such as being an Attorney-At-Law, a member…
What are the property ownership Taxes?
In Sri Lanka, several taxes may apply to property ownership and transfers: It’s important to consult the latest tax regulations or a tax professional for the most current information and to understand how these taxes apply to specific circumstances. For More Information about Taxation in Sri Lanka Register with LankaTAX AI: www.lankatax.net
TIN අංකයක් ලබාගන්නේ කෙසේද?
TIN අංකයක් ලබාගැනීමට ඔබට පහත පියවර අනුගමනය කළ හැකිය: ලබාගත යුතු සහයක ලේඛන: තවද, ඔබට පහත ආකාරයට සහය ලබාගත හැකිය: ඉන්පසු ඔබට අදාළ බදු වර්ග සඳහා ලියාපදිංචි වීමට සහ අනෙකුත් අවශ්ය සේවා ලබාගැනීමට යා හැකිය. Source: www.lankatax.net
Why Pay Tax?
Paying taxes is an obligation for taxpayers, as outlined in the Taxpayer Charter. The reasons for paying taxes include: The Taxpayer Charter emphasizes the tax administration’s commitment to making the process of paying taxes as simple, efficient, and equitable as possible, ensuring that the system is streamlined, accessible, and responsive to taxpayer needs. Source: www.lankatax.net
What is LankaTax?
LankaTax is an online platform that provides tax advice and assistance to Sri Lankan taxpayers through artificial intelligence. It offers accurate answers to tax queries, backed by AI trained on extensive tax law. The platform is designed with advanced AI algorithms, including proprietary hallucination control algorithms, to ensure the tax answers provided are based on…
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…
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…
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…
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