Tax
From The Report: Sri Lanka 2018
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This chapter examines Sri Lanka’s tax regime, explaining obligations outlined for businesses and individuals, deductions offered for trading of a company’s stocks, and other important information for investors. It also contains a tax viewpoint from Sujeewa Mudalige, CEO, PwC Sri Lanka.

Articles from this Chapter

Overview

Duties explained: Application of tax rules for companies and individuals
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This chapter outlines the framework of tax obligations for corporations and individuals in Sri Lanka. The Companies Act, No. 7 of 2007 provides for the registration of three forms of business organisations in Sri Lanka: an incorporated company; a branch office of an overseas company; and an offshore company. Incorporated Company A company may be incorporated under the act as one of the following: • Limited Company, wherein the holders of the shares in such company have to contribute…

Viewpoint

Simplified system: Sujeewa Mudalige, CEO, PwC Sri Lanka, on the development of the Inland Revenue Act and transparent taxation
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Viewpoint :Sujeewa Mudalige Tax simplification has always aroused interest. This concept entails the simplification of the structure of the whole tax system or of one tax in particular, as well as the streamlining of administrative procedures in relation to taxpayer assistance, tax determination, assessment, collection and auditing. Simplification in relation to income tax would require the design of as simple a tax structure as possible that is easily understood by both the taxpayer and…