Sri Lanka Provides Guidance on Calculating Income Tax Payable for the Year Commencing 1 April 2022

The Sri Lanka Inland Revenue Department has published Circular No: SEC/2023/E/03 of 9 May 2023, which provides guidance on the calculation of income tax payable for the year of assessment commencing on 1 April 2022 (Year of Assessment - YA 2022/2023). The guidance is provided considering the changes introduced by the Inland Revenue (Amendment) Act No. 45 of 2022 that require income tax payable to be calculated for two separate periods in the year (previous coverage).

The guidance includes s…