Tax Compliance

Tax compliance refers to fulfilling all tax obligations as specified by tax laws, which consists of submitting tax returns with the stipulated period, ascertain the accuracy of the tax liability and advising assessed taxes by the due dates. As Tax consultants, we are always involving new ways to minimize tax burden through effective tax compliance and to meet financial goals within the framework of laws applicable. In Sri Lankan system of taxation is divided into two types: One is Direct Taxes and other is Indirect Taxes.

• Direct Tax

  • Income Tax: Is paid by the individual taxpayers other than corporates registered in Sri Lanka on the income earned by them. These are taxed based on slabs at different rates.
  • Corporate Tax: Is paid by the corporates mainly companies registered under company law in Sri Lanka on the net profit that it makes from businesses. It is taxed at a specific rate as prescribed by the income tax act subject to the changes in the rates every year by the IRD.

Due date for filing Income tax return

Every Company and liable individual persons including foreign companies must file their income tax return on or before September 30 every year. Income tax act requires all companies to get their accounts audited and submit an audit report to the IRD along with the Income tax return. Both Income and Corporate Tax is an ocean full of provisions which all persons need to comply with. Keep reading to know what those provisions are, rules that the persons need to follow.

• Indirect taxes

  • Our tax advisory service providers rely upon their experience and expertise to provide optimal solutions to each client individually on the following areas in making needed compliances with advisory and mainly resolving disputes and queries with the IRD.