Sri Lanka New Tax Rates on Fixed deposit's interest & WHT | ස්ථාවර තැන්පතු වලට බදු අය වෙන හැටි #tax

Changes proposed to the Inland Revenue Act, No. 24 of 2017 (IRA) by the Inland Revenue Bill with Committee Stage Amendments approved by Parliament on 09.12.2022 which are yet to be certified by Hon. Speaker. The changes are effective from January 01, 2023, unless otherwise stated. Significant changes approved are set out below.

Deduction of Withholding Tax (WHT), Advance Income Tax (AIT) and Advance Personal Income Tax (APIT)
Deduction of WHT, AIT and APIT has been made mandatory with effect from January 01, 2023.

PDF Link -
http://www.ird.gov.lk/si/Lists/Latest%20News%20and%20Notices/Attachments/487/PN_IT_2022-03_15122022_E.pdf

Sri Lanka has published changes to the Inland Revenue Act in a gazette notice giving effect to tax hikes announced by President Ranil Wickremesinghe in May.

The taxes were expected to be legislated in October 2022.

Key changes include reducing the tax-free threshold for personal income tax to 1.2 million rupees from 3.0 million and raising the corporate tax to 30 percent from 24 percent.

Capital gains tax for companies is expected to be raised from 10 percent to 30 percent for investment assets.

Exemptions given to IT services are expected to be revoked.

Taxes on mutual funds and trusts would also be raised.

Sri Lanka has to legislate the taxes and sometimes changes are made before final passage. (Colombo/Oct 12/2022)

#sl_info #tax #new_tax

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