Sri Lanka Tax Agency Posts Various Tax Rates for Tax Year 2023-2024

The Sri Lankan Inland Revenue April 4 posted various tax rates for the assessment year 2023-2024. Topics covered include: 1) a list of reliefs available for residents and nonresidents, and the tax on terminal benefits from employment; 2) a 30 percent tax rate on the taxable income of companies and gains from the realization of investment assets; 3) a 14 percent remittance tax rate for nonresidents; 4) tax rates for partnerships, mutual funds, employee trust funds, pension funds, and termination funds; 5) withholding tax rates and advance income tax rates, effective Jan. 1, 2023, as well as the requirement for ...