Sri Lanka Inland Revenue has issued a notice to taxpayers announcing the tax proposals in the 2021 Budget recently presented in parliament. The proposals, summarized in the notice as follows, will be implemented after formal amendments to the Inland Revenue Act are made.
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1. Exemptions from Income Tax
- Remittance tax (at the rate of 14% on remitted profits) is not required to be paid by a nonresident company carrying on a business in Sri Lanka through a Sri Lankan permanent establishm…