Income Tax Return Sri Lanka

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Income tax return Sri Lanka

All companies have to submit income tax return Sri Lanka as rules of IR (Inland Revenue), 2006 that act has been amended in several times as 2007, 2008, 2009, 2011, 2012, 2013 and 2014. Tax is applicable on profit or revenue of person or corporation. Tax source from below income:

1Profit of service holder
2Corporate annual income
3Declaration of dividend
4Lottery
5Profit from business
6Miscellaneous charge
7Rent and royalty
8Income from person
9Donation of non government organization

Income Tax can pay upon installment basis as chart

InstallmentPayment date
1stBy 15th August of that year
2ndBy 15th November of current year
3rdBy 15th February of current year
4thBy 15th May of present year
5thBy 30th September of following year

Corporate income tax filing

Business categoryTax Rate
Tobacco28 percent
Dividend of company10 percent
Consideration of dividend15 percent
Remittance from foreign companies10 percent
Relocation global HQExemption
Royalty on international goodsExemption
As special rates of Sri Lanka Inland Revenue
Production company and service provider company those annual income is below Rs. 500,000,00012 percent
Public listing company14 percent
Service to foreign company12 percent
Subsidiary, holding, associate company, group of company IF profit not over of Rs. 5000,000.12 percent
Profit from Offshore currency in banking
Income cross of Rs. 5000,00028 percent
Income less than Rs. 5000,00012 percent
Agriculture, manufacture of beast food, promotion tourist12 percent
Storage facilities and software development business
Individual10 percent
Corporate10 percent
Education service provider
Individual10 percent
Corporate10 percent
Income from agriculture10 percent
Charity10 percent
Trustees24 percent
Partners24 percent
Value Added Tax (VAT)
General rate, Financial service company, wholesale & retail11 percent
Tax Incentive

Tax Incentives in Sri Lanka

Income tax has been exempted in specific sectors on corporate tax, duty, VAT, airport development levy.

Tax incentive with any number of investment
Sector Tax exemption
Trade on fishing: Corporation that trade on fishing sectors including cutting, packing, sorting, sizing, cleaning5 years tax exemption from inception of business.
Planting agro seeds5 years tax exemption from inception of business
Cultivation of energy crops

Income Tax incentives for entrepreneurs and calculator

Category of businessInvestment figure (Rs as millions)Tax exemption (year)
Agriculture corporationMore than 25 and less than fiftyfour
Services enterprisesMore than 25 and less than fiftyfour
Manufacture (medium size)More than fifty and less than 100four
Agriculture (medium size)More than hundred and less than two hundred)five
Services (medium size)More than two hundredsix
Manufacture (big size)More than 500, less than 700seven
Agriculture (big size)More than three hundred and less than 500six

In case of existing enterprises those investment capital is more than fifty millions may have opportunity of exemption subject to some conditions. More info @ BOI-Sri Lanka

Deduction of enterprises tax rate

CategoryCut out after tax holiday
AgroTwelve % or, 10 percent
Produce12 percent or, 28 percent
Info tech10 percent
StructureTwelve %
Education10 percent
Goods and services12 percent
Energy12 percent

During tax holiday time dividend tax is exempted for all types of enterprises. Franchise fees, royalties payment that is permissible by Board of Investment being foreign parties tax is exempted as under section of inland revenue 17 A and 16 D.

Sri Lanka-S & F Consulting Firm Limited

No. 8 2/1, Rodney Street, Cotta Road,
Colombo 08, Sri Lanka
Colombo 08
Sri Lanka
Phone: +94763911944 (WhatsApp, IMO, Viber available)
Secondary phone: +601136901890 (WhatsApp, IMO available)
Email: contact@sfconsultingbd.com
  • Sri Lanka-S & F Consulting Firm Limited

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S & F CONSULTING FIRM LIMITED is a global business consulting firm. Services are: (1) Foreign company registration, formation, setup (2) Income tax (3) Accounting (4) Audit (5) Business advisory. Since 2012, we are providing professional services to the foreign investors. We try to develop our self everyday to satisfy honorable customers.

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  • Director: forhadhossain79
  • Customer Service: sfconsultingmalaysia_1
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Bangladesh: (1) Mirpur-1, Dhaka (2) Nikunja 2, Dhaka (3) Gulshan-1, Dhaka

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