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Sri Lanka Reminds Taxpayers of the Tax on Voluntary Disclosure — Orbitax Tax News & Alerts

Sri Lanka's Inland Revenue Department recently issued a notice reminding taxpayers that the tax on voluntary disclosure is valid until 31 March 2022.


Tax on Voluntary Disclosure (TVD) - Finance Act, No. 18 of 2021

Valid till March 31, 2022

Declare undisclosed taxable supply, income or asset by paying 1% tax and avoid investigation, interest, penalty or prosecution on any undisclosed amounts

Explanatory Notes for imposition of Tax on Voluntary Disclosure and a Guideline on the manner of payment and filing declarations can be downloaded from IRD web site

Please regularly refer to the Inland Revenue website for updated information