close
Share with your friends

Sri Lanka: Tax relief for SMEs (COVID-19)

Sri Lanka: Tax relief for SMEs (COVID-19)

The Sri Lankan cabinet approved certain tax relief measures specifically for the small and medium size (SME) sector in response to the coronavirus (COVID-19) pandemic.

1000

Related content

The relief measures include:

  • Relief regarding income tax in arrears, for assessments issued up to years of assessment 2018-2019 if the Commissioner General of Inland Revenue is satisfied there has been no willful evasion of tax
  • Allowance of a concessionary period to settle tax liabilities in arrears when agreed upon by the Department of Inland Revenue
  • No additional tax assessment for the year of assessment 2019-2020 for SMEs that paid income tax and filed an income tax return
  • Extended period for submitting a bank guarantee or payment of non-refundable amount when filing an appeal with the Tax Appeals Commission
  • Extended time to pay tax and file a tax return, to 31 December 2020, for payments or filings due during the period 1 March 2020 to 30 June 2020
  • Suspension of implementation of injunction orders issued to banks, suspended to 30 April 2021.

 

Read a July 2020 report prepared by KPMG International


For more information, contact a KPMG tax professional in Sri Lanka:

Shamila Jayasekara | +94 115 426 503 | sjayasekara@kpmg.com

Suresh Perera | +94 115 426 502 | sperera@kpmg.com

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal