OrbitaxSri Lanka Introduces Deduction Restriction for Cash Payments, New Withholding Requirements, Penalty Relief for Capital Gains Tax, and Other Measures
|Approved Changes|Sri Lanka
The Sri Lanka Inland Revenue Department (IRD) has published the Inland Revenue (Amendment) Act, No. 4 of 2023, which was originally certified on 8 May 2023 and published in the Official Gazette on 12 May 2023. Some of the main measures include:
- A restriction on cash transactions, providing that payments exceeding LKR 500,000 in a day, or in respect of a single transaction, or in respect of a …
