KPMG Academy virtual discussion on Inland Revenue Bill 2023 today

The KPMG Sri Lanka Academy will hold a virtual assembly to discuss the latest “Inland Revenue Bill issued on 16.03.2023” on 27 March 2023 (Monday) at 3.00 p.m.

This webinar will shed light on the latest changes to the Income Tax and Withholding Tax regime and the presenters will discuss finer points that one needs to consider in understanding the impact stemming from these proposed changes.

The session will be conducted by KPMG Sri Lanka Principal Suresh Perera, Principal Rifka Ziyard and Director, Tax and Regulatory Hasna Hassan.

KPMG said an Inland Revenue Amendment Bill to amend the Inland Revenue Act No. 24 of 2017 (Income Tax Act) was issued on 16 March 2023. The Bill contains amendments across many areas such as new exemptions, limitation of time for exemption granted in 2021, withholding of taxes, relief for penalty and interest, changes in refund mechanism, Mandatory Electronic Return filing, administrative measures in related to appeals, collection of information, recovery etc.

The Bill includes amendments that apply to Corporates as well as Individuals. The Bill states that all individuals in addition to companies are required to file income tax returns electronically from Y/A 2023/24. 

Further the Commissioner General of Inland Revenue is required to clear refunds within three months of the refund claim if such refunds are less than Rs. 100,000. A new provision has also been introduced to discourage cash transactions other than through the banking channel.

For registrations contact Seneli at 0774446649 or [email protected]