Saturday, 03 June 2023 09:52

Govt. widens tax net via new gazette targeting professionals Featured

The Government has widened the tax net making it mandatory for professionals belonging to 14 categories to register themselves with the Inland Revenue Department.

President Ranil Wickremesinghe in his capacity as the Finance, Economic atabilisation and National Policies Minister on Wednesday issued a special gazette notification in this regard.

According to the gazette notification, employees whose monthly contribution from both employee and employer to any Employee Provident Fund (EPF) exceeds Rs. 20,000 are also required to register with the Department.

The Government has made it mandatory for the professionals belonging to 14 categories to register themselves with the Department with effect from 1 June.

The categories are, members of Sri Lanka Medical Council (SLMC), the Institute of Chartered Accountants of Sri Lanka, the Institute of Certified Management Accountants of Sri Lanka, the Institution of Engineers Sri Lanka, the Association of Professional Bankers, members of the Sri Lanka Institute of Architects, Institute of Quantity Surveyors Sri Lanka, Attorneys-at-Law of the Supreme Court of Sri Lanka, individuals who have registered their businesses in Divisional Secretariats etc.

 

 

 

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