Tag: Tax

January 09, 2021

What is VAT? Here’s everything you need to know

One of the major considerations when doing business here in Sri Lanka is how to deal with taxes – especially Value Added Tax (VAT). Here’s a guide that explains how to make sure you get it right with your business.

December 31, 2020

A guide to PAYE Tax including PAYE Tax tables and how to calculate PAYE Tax in Sri Lanka

The Pay As You Earn the Sri Lankan government removed (PAYE) tax in November 2019. However, this has been reintroduced as ‘Advance Personal Income Tax

December 24, 2020

Everything you need to know about Nation Building Tax (NBT) in Sri Lanka

The Sri Lankan government removed the ‘Nation Building Tax’ with effect from December 01, 2019. You can find more details through the Notice to the

October 25, 2020

Withholding Tax Sri Lanka? Here’s Everything You Need to Know

The Withholding tax was introduced in Sri Lanka as a tax charge on interest payments in 1986. In recent times, withholding tax has been the

October 10, 2020

The Complete Guide to Advance Personal Income Tax

The Sri Lankan government replaced the previously applied Pay As You Earn (PAYE) tax with a revised tax policy known as the Advance Personal Income

September 20, 2020

Everything you need to know about Income Tax in Sri Lanka

We all need to pay taxes. But, when do we start? If this is the first time you’re paying taxes, or if you’re unsure about the process, we’ve compiled a step by step article. There’s no need to worry. We’ll guide you through the process. Taxes come in many forms. Income tax is where you have to submit a portion of your salary to the Government on a yearly basis. Paying your taxes is considered a civic duty, and failure in complying would result in either a fine or even result in serving jail time.

March 07, 2019

Budget 2019: A Basic Breakdown

It’s that time of the year again – a brand new financial year, and a brand new government budget to go with it! On the 5th of March 2019, Hon. Mangala Samaraweera (the Minister of Finance of Sri Lanka) unveiled to us the budget set forth for the financial year of 2019, under his theme “Enterprise Sri Lanka: Empowering the People and Nurturing the Poor “.

November 06, 2018

The Proposed Changes To The Tax System

Much to everyone’s surprise, the Former President of Sri Lanka, Mahinda Rajapaksa was sworn in as the new Prime Minister on 26th of October 2018. Upon his rise to power, amidst the backlash and social complications that have seen to be on the high, the new Prime Minister has given direction to implement a range of initiatives with which to revive the Lankan economy.