The Sri Lankan Official Gazette March 17 posted Bill No. 55, to amend the Inland Revenue Act No. 24 of 2017. The bill includes measures to: 1) exclude gains from motor vehicle realizations for determining income from other sources; 2) disallow deductions for payments not made through bank accounts and allow taxpayers to carry forward certain qualifying payments; 3) prescribe the tax treatment of life insurance receipts and permit head office expense deductions for nonresidents, effective April 1, 2025; 4) broaden the scope of withholding tax, authorize the Commissioner-General to set filing procedures, formats, and forms, and require free issuance ...
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