Sri Lanka Tax Agency Issues Notice Announcing Tax Measures Under Inland Revenue (Amendment) Act

The Sri Lankan Inland Revenue Department March 26 issued Notice No. PN/IT/2025-01, announcing tax measures under the Inland Revenue (Amendment) Act, No. 2/2025. The amendment act includes measures to: 1) increase the deductible personal relief to 1.8 million Sri Lankan rupees (US$6,077) for resident individuals, as well as for nonresident individuals who are citizens of the country for any assessment year, applicable from assessment year 2025-2026; 2) specify tax rates for resident and nonresident individuals, including normal progressive income tax rates ranging from 6 percent to 36 percent, a 15 percent maximum income tax rate for specific gains and profits, ...