Are you permitted to prepare Financial Statements for the year ended December 31 and have you an interest income on government securities?
As per the letters dated February 5,2018 and March 12,2018 issued by the Commissioner General of Inland Revenue to the Sri Lanka Bank’s Association, followings are the main instructions given therein.
The below instructions were given In respect of the persons who have already obtained the approval from the Commissioner General to make the account for twelve months starting from January 1 and ending on December 31 of each year.
- Ascertainment of income tax liability for the period from January1,2018 to March 31,2018
In this connection instruction was given to apply the provisions of the Inland Revenue Act, No. 10 of 2006.
- Claim of Notional Tax Credit
Notional Tax Credit could be claimed in accordance with the provisions of the Inland Revenue Act, No.10 of 2006 for the transactions taken placed during the period from January 1,2018 to March 31,2018.
Letter issued to Sri Lanka Bank's Association by IRD -on 05.02.2018
Letter issued to Sri Lanka Bank's Association by IRD -on 12.03.2018
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