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Tax Chart

Year of Assessment 2015/2016

Individual Income Tax​

  • Tax free allowance for residents/non - resident citizens of Sri Lanka is Rs. 500,000/-
  • Additional allowance by way of qualifying payment (maximu​​m) of Rs.250, 000 is granted on employment income. (Maximum tax rate applicable 16%)
Taxable Inco​me Rate
First Rs. 500,000/- 4%
Next Rs. 500,000/- 8%
Next Rs. 500,000/- 12%
Next Rs. 500,000/- 16%
Next Rs. 1, 000,000/- 20%
On Balance 24%
Tax rates for Professionals (providing professional services)
Taxable Income Maximum %​
​​Does not exceed Rs. 25Mn 12%
Exceeds Rs. 25Mn but not exceeds Rs. 35Mn 14%
Exceeds Rs. 35Mn 16%
Tax on Terminal Benefits from Employment
Terminal Benefits Rate
Paid under uniformly applicable scheme
On the first Rs. 5Mn​ of the aggregate sum where the period of services or contribution is not less than 20 years Exempt
On the first Rs. 2Mn of the aggregate sum where the period of services or contribution is less than 20 years​ Exempt
On the next Rs. 1,000,000 5%
On the balance 10%
Paid under non- uniformly applicable basis
Compensation for loss of office or employment normal rates (subject to maximum rate) 16%
Exemption on compensation for loss of office
Under a Voluntary Retirement Scheme uniformly applicable to all the employees (in the opinion of CGIR) ; or Up to Rs 2 Mn
Under a Retrenchm​ent Scheme approved by the Labour Commissioner Up to Rs 2 Mn


 

Employment Income from Government Service – Tax is deductible under PAYE Scheme and such tax is final unless there are other source of Income Liable to tax, (except for dividends and interest from which withholding tax has been deducted).​

Corporate Income Tax​

Withholding Taxes

Economic Service Charge

Value Added Tax 

Nation Building Tax 

Stamp Duty

Share Transaction Levy

Betting and gaming Levy

Construction Industry Guarantee Fund Levy

Last updated: 04-04-2017