Sri Lanka's Inland Revenue Department (IRD) has issued a notice to taxpayers dated 8 April 2022 on the implementation of the Surcharge Tax Act of 2022. The surcharge tax is a one-off tax at a rate of 25% that is imposed on any individual, partnership, or company with taxable income exceeding LKR 2 billion for the year of assessment 2020/2021. The notice clarifies that in the case of companies, the surcharge tax is imposed on:
- A company where taxable income of the company individually exceed…