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Sri Lanka

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About

Sri Lanka

Capital
Official languages
Population 
Currency

ISO 4217

Colombo

Sinhala and Tamil

21,481,334 (as of 2019)

Sri Lankan Rupee

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Economy

"Sri Lanka has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 3.2% in 2019, and is projected to grow by 3.5% in 2020. The country's inflation rate has also been relatively low, averaging around 4.2% in 2019.

The country has also seen a steady increase in foreign direct investment (FDI). In 2019, FDI inflows to Sri Lanka totaled $1.3 billion, a 5.3% increase from the previous year. This was largely driven by investments in the manufacturing and services sectors.

The country's labor market has also been strong, with unemployment rates falling from 4.7% in 2018 to 4.3% in 2019. This is due to the government's efforts to create more jobs and reduce poverty.

Overall, Sri Lanka's economy has been performing well, and the country is well-positioned to continue its growth in the coming years."

Taxation

Sri Lanka is a country located in South Asia. Here is a brief overview of the taxation system in Sri Lanka:


Corporate Taxation in Sri Lanka:

- Corporate tax rate is 28%

- Capital gains are taxed as normal income at the corporate tax rate

- Dividends paid by Sri Lankan companies are exempt from tax, but foreign dividends are taxed as normal income


Personal Taxation in Sri Lanka:

- Personal income tax rates range from 4% to 24%, depending on income level

- Capital gains tax rate is 10%, but this rate can be increased to 28% for high-income taxpayers


Tax Payment and Calendar:

- The tax year in Sri Lanka runs from April 1 to March 31 of the following year.

- Tax returns must be filed by November 30 for individuals and by October 31 for companies.

- Corporate income tax payments are due in four installments: the first two installments are due on the 15th day of the third and sixth months of the tax year, and the last two installments are due on the 15th day of the ninth and twelfth months of the tax year.

- Individual income tax payments are made on a monthly basis through employer withholdings, but self-employed individuals may need to make additional payments on an estimated basis.


Taxpayers in Sri Lanka are required to keep detailed records of their income and expenses, and may be subject to audits by the tax authorities. Failure to comply with tax laws can result in penalties and fines.


Sri Lanka also has signed several tax treaties with other countries, which can impact the taxation of individuals and corporations with ties to those countries. It is always recommended to consult with a tax professional for personalized advice on tax matters in Sri Lanka.

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