Written by Hassaan Shazuli
22 Apr, 2020 | 9:53 am
COLOMBO (News1st): Sri Lanka’s tax authority has said that the Advance Personal Income Tax (APIT) imposed since April 1 for employees should be paid on or before the 15th of the succeeding month of receiving the salary.
The APIT was introduced to be paid by employees on an optional basis, replacing the mandatory Pay As You Earn (PAYE) Tax for workers earning more than Rs 250,000.
“…employees are requested to file tax return individually,” the Inland Revenue Department (IRD) said in a notice issued on Wednesday. “Tax registration could be done via online also”.
Tax rates will range between six and 18 percent and will be optional for Sri Lankan citizens who earn more than Rs 250,000 monthly, or Rs 3 million annually, the IRD noted.
However, the IRD said that “consent of the respective employee is not required” to deduct APIT from the salaries of non-Sri Lankan citizens employed in the country.
Payments of these taxes must be remitted to any branch of the Bank of Ceylon.
Last week, the tax authority granted employees liable to the PAYE tax an option to settle their payments through their employers before May 15.
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