Sri Lanka Gazettes Inland Revenue (Amendment) Act

The Sri Lankan Official Gazette of June 5 published the Inland Revenue (Amendment) Act. The law includes measures: 1) excluding specified motor vehicle realization gains, expanding payment methods, and disallowing deductions for large noncompliant payments; 3) allowing carryforwards of qualifying donation deductions and excluding specified life insurance proceeds, subject to conditions; 4) revising residency rules and limiting head office expense deductions for nonresidents, effective April 1, 2025; 5) revising withholding tax rules, establishing certificate requirements for unit trusts, requiring monthly returns, providing filing relief, setting registration timelines, and mandating taxpayer identification number (TIN) usage; and 6) revising capital gains tax ...