Here’s a breakdown of how individual income tax is calculated in Sri Lanka, according to the Inland Revenue Act: 1. Determining Your Residency Status: Resident Individual: An individual who is physically present in Sri Lanka for more than 183 days in a year of assessment. Non-Resident Individual: An individual who is not a resident individual. […]
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Taxation
A temporary VAT registration in Sri Lanka is a short-term registration granted to businesses that are not yet eligible for permanent VAT registration but need to engage in VAT-related activities, primarily import and export. Why is it Needed? Import and Export Activities: To facilitate customs clearance for export and import goods, How to Obtain Temporary
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Taxation
Understanding Tax Planning Tax planning is a strategic approach to managing your financial situation to minimize tax liabilities while ensuring compliance with tax regulations. By understanding the nuances of tax laws and regulations, individuals and businesses can optimize their tax positions. Proper tax planning can lead to significant savings and help in achieving long-term financial
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Taxation
What is Tax Advisory? Tax advisory refers to a specialized service designed to provide expert advice on a range of tax-related matters, catering to the needs of both individuals and businesses. The primary goal of tax advisory is to assist clients in navigating the complex and often changing tax landscape, ensuring compliance while maximizing financial
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Taxation
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