The Hon. (Dr.) Anil Jayantha
Dr. Anil Jayantha clarified a question on the Inland Revenue (Amendment) Bill, stating that Clause 3(a) provides a maximum 15 percent tax rate for certain receipts and profits of individuals from 1 April 2025. He added that companies are separately taxed at 15 percent on export of services income as part of taxable income for years of assessment commencing on or after that date, distinguishing the individual and corporate provisions.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 Hon. Presiding Member, a brief clarification. The Opposition Member asked how individuals exporting services would be taxed at 15 percent when CIT applies to companies. Under Clause 3(a) of the Inland Revenue (Amendment) Bill, with effect from 1 April 2025, certain receipts and profits of an individual are subject to a maximum rate of 15 percent. Separately, for companies, for years of assessment commencing on or after that date, export of services income forms part of taxable income with a 15 percent rate. Thus, both individual and corporate provisions are set out distinctly.
Provenance
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- Hansard, Thursday, 20 March 2025 ·No. 1746596381071973 ·English daily/uncorrected Hansard
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Cite as: The Hon. (Dr.) Anil Jayantha. 10th Parliament, Parliament of Sri Lanka. Hansard, 20 March 2025. No. 1746596381071973. Politick, https://staging.politick.io/lk/speeches/24050