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Sri Lanka

21 September 2021

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Sri Lanka Introduces New Tax Amnesty Regime

Sri Lanka published Finance Act, No. 18 of 2021 in the Official Gazette on 17 September 2021. The Act provides for the introduction of a tax amnesty regime for voluntary disclosures, the Tax on Voluntary Disclosure (TVD). Under the TVD regime, qualifying taxpayers that voluntarily disclose undisclosed taxable supplies, income, or assets that should have been disclosed for taxable periods ending up to 31 March 2020 will be subject to a 1% tax on disclosed amounts, provided that a declaration is submitted by 31 March 2022 and certain investment/deposit conditions are met. This includes that a taxpayer is required to invest an equivalent to the amount disclosed in the following before 31 March 2022:

  • shares issued by a resident company;
  • treasury bills or treasury bonds issued by the Central Bank on behalf of the Government of Sri Lanka;
  • any quoted debt securities issued by a resident company in Sri Lanka; or
  • any movable or immovable property in Sri Lanka.

Alternatively, where a taxpayer is unable to make such investments, the taxpayer may still qualify if the same amount is deposited in a bank account in Sri Lanka before 31 March 2022. Taxpayers that have invested or deposited disclosed amounts before the commencement of the Act (15 September 2021) may also qualify.

The declaration forms for the TVD regime have been published on the Inland Revenue website along with guidelines and an explanatory note.

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