Tax_Chart_2223

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List of available Reliefs

• Personal Relief for residents/non-resident citizens of Sri Lanka is Rs. 2,250,000/- (not available for gains from the realization of investment asset).
• Individual – Rent Relief- 25% of the total rental income for the year of assessment (depend on the total rent income of the respective period).
• A resident individual – following expenditure incurred during the first period, up to a total sum of Rs. 900,000/-
  1. Health expenditure including contribution to medical insurance;
  2. Vocational education or other educational expenditure incurred locally by such individual or on behalf of such individual’s children;
  3. Interest paid on housing loans;
  4. Contributions made to any local pension scheme, other than for a scheme under the employer or on behalf of the employer, by an employee;
  5. Expenditure incurred for the purchase of share or any other financial instrument listed in the Colombo Stock Exchange and licensed by the Securities and Exchange Commission of Sri lanka or treasury bond under the Registered Stocks and Securities Ordinance (Chapter 420) or treasury bills under the Local Treasury Bills Ordinance (Chapter 417).
• A resident individual – who has acquired solar panel to fix on his premises and connected to the national grid, Rs. 600,000/- for each year of assessment, up to the total expenditure on such solar panels or up to the amounts paid to a bank in respect of any loan obtained to acquire such solar panel could be deducted either from first period, second period or from both periods.

List of available Reliefs

• Personal Relief for residents/non-resident citizens of Sri Lanka is Rs. 300,000/- (not available for gains from the realization of investment asset).
• For individual – Rent Relief- 25% of the total rental income for the year of assessment. (depend on the total rent income of the respective period)
• For a resident individual – who has acquired solar panel to fix on his premises and connected to the national grid, Rs. 600,000/- for each year of assessment, up to the total expenditure on such solar panels or up to the amounts paid to a bank in respect of any loan obtained to acquire such solar panel could be deducted either from first period, second period or from both periods.

Types of income from employment

• Amount received in commutation of a pension;
• Amount received as a retiring gratuity;
• Amount received as compensation for loss of office or employment under a scheme which the Commissioner General considers to be uniformly applicable to all individuals employed by the employer
• Amount paid to a person at or after the time of retirement from employment from the Employees’ Trust Fund Act, No. 46 of 1980..