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View All - 2017 Acts
Section No :  
Acts & Ordinances
INLAND REVENUE ACT
Marginal Notes
1. This Act may be cited as the Inland Revenue Act, No. 24 of 2017 and comes into operaton on April 1, 2018.
2. Charging provision.
3. Taxable income.
4. Assessable income.
5. Employment income.
6. Business income.
7. Investment income.
8. Other income.
9. Exempt amounts.
10. General Deduction.
11. Main deduction.
12. Interest expense.
13. Allowance for trading stock.
14. Repairs and improvements.
15. Research and development expenses and agricultural start up expenses.
16. Capital allowances and balancing allowances.
17. Losses on realisation of business assets and liabilities.
18. Deductible amount of financial cost.
19. Business or investment losses.
20. Change in the year of assessment.
21. Method of accounting.
22. Cash basis accounting.
23. Accrual basis accounting.
24. Reverse of amounts including bad debts.
25. Long-term contracts.
26. Foreign currency and financial instruments.
27. Quantifying a payment or amount.
28. Indirect payments.
29. Jointly owned investments.
30. Compensation and recovery payments.
31. Annuities, instalment sales and finance leases.
32. Islamic financial transactions.
33. Arm?s length standard and arrangements between associates.
34. Income splitting.
35. Tax avoidance schemes.
36. Calculating gains and losses.
37. Cost of an asset.
38. Consideration received.
39. Realisation.
40. Liabilities.
41. Reversal, quantification and compensation of amounts.
42. Cost of trading stock and other fungible assets.
43. Realisation with retention of asset.
44. Transfer of asset to spouse or former spouse.
45. Transfer of asset on death.
46. Transfer of asset to an associate or for no consideration.
47. Involuntary realisation of asset with replacement.
48. Realisation by separation.
49. Transfer by way of security, finance lease or instalment sale.
50. Payment of tax on gains from realisation of an asset.
51. Apportionment of costs and consideration received.
52. Qualifying payments and reliefs.
53. Partnerships.
54. Partnership income or loss.
55. Taxation of partners.
56. Cost of and consideration received for partnership interest.
57. Taxation of trusts.
58. Taxation of beneficiaries.
59. Taxation of unit trusts.
60. Taxation of companies.
61. Taxation of shareholders.
62. Remittance tax.
63. Asset dealings between entities and members.
64. Change in control.
65. Petroleum operations.
66. Banking business.
67. Insurance business.
68. Non-Governmental organizations and charitable institutions.
69. Resident persons.
70. Change of residence.
71. Source of income and quarantining of foreign losses.
72. Source directly to be included and amounts to be deducted.
73. Source of payments.
74. Foreign Source.
75. Double taxation agreements and mutual administrative assistance agreements.
76. Profits and income or loss from international transactions between associates.
77. Profits and income or loss from transactions between associates.
78. Dispute Resolution Panel.
79. Head office expenditure.
80. Foreign tax credit.
81. Calculation of foreign tax credit.
82. Methods and time for payment.
83. Withholding by employers.
84. Withholding from investment returns.
85. Withholding from service fees and contract payments.
86. Statements and payments of tax withheld or treated as withheld.
87. Withholding certificates.
88. Final withholding payments.
89. Credit for non-final withholding tax.
90. Payment of tax by quarterly instalment.
91. Statement of estimated tax payable.
92. Statement of estimated tax payable not required.
93. Return of income and capital gains.
94. Return of income not required.
95. Assessment.
96. Payment of tax on realisation of investment assets by partnerships and trusts.
97. Officers.
98. Delegation of powers.
99. Inland Revenue Incentive Fund.
100. Confidentiality.
101. Informants.
102. Registration.
103. Taxpayer identification number.
104. Binding public rulings.
105. Making a public ruling.
106. Withdrawal of a public ruling.
107. Private rulings.
108. Refusing an application for a private ruling.
109. Making a private ruling.
110. Withdrawal of a private ruling.
111. Publication of private rulings.
112. Communications with taxpayers and other persons.
113. Application of electronic tax system.
114. Forms and notices.
115. Authorized representatives.
116. Defect does not affect validity.
117. Rectification of mistakes.
118. Taxpayer?s right to information.
119. Due dates.
120. Accounts and records.
121. Obligations of Financial Institutions.
122. Access to information, assets and land.
123. Notice to obtain information.
124. Search and seizure with warrant.
125. Execution of a search and seizure with warrant and search without warrant.
126. Tax returns.
127. Notice to require filing.
128. Return deemed to be furnished by due authority.
129. Information Returns.
130. Extension of time to file returns.
131. Tax return duly filed.
132. Self-assessments.
133. Default assessments.
134. Advance assessments.
135. Amended or additional assessments.
136. Application for making an amendment to a self-assessment.
137. Objections.
138. The Act to prevail.
139. Administrative Review.
140. Appeal from Administrative Review.
141. Burden of proof.
142. Appeals do not suspend collection of amounts.
143. Finality of assessment.
144. Appeal from a decision of the Tax Appeals Commission.
145. Liability of taxpayer and due date.
146. Liability and obligations of representatives.
147. Officers of unincorporated bodies.
148. Liability for tax following winding-up.
149. Managers of entities.
150. Refundable amounts.
151. Extension of time for payment.
152. Default in payment.
153. Priority of tax.
154. Order of payment of tax debts.
155. Currency.
156. General.
157. Interest on under payments.
158. Interest on refundable amounts.
159. Interest rate.
160. General.
161. Period of limitations for collection.
162. Extinguishment of uncollectible amounts.
163. Court proceedings.
164. Lien.
165. Execution against taxpayer?s property.
166. Sale of seized property.
167. Departure Prohibition Order.
168. Priority in bankruptcy.
169. Offset against payments.
170. Third party debtors.
171. Compliance with notice.
172. Preservation of assets.
173. Non-arm?s length transferees.
174. Transferred tax liabilities.
175. Receivers.
176. Penalties.
177. Failure to register or notify of changes in taxpayer information.
178. Late filing of tax return.
179. Late payment.
180. Negligent or fraudulent underpayment.
181. False or misleading statements.
182. Failure to maintain documents or provide facilities.
183. Failure to comply with third party notice.
184. Transfer pricing penalties.
185. Failure to comply with notice to give information.
186. Criminal proceedings.
187. Aiding and abetting.
188. Period of limitations.
189. Tax evasion.
190. Impeding tax administration.
191. Failure to preserve secrecy.
192. Offences by tax officials.
193. Compounding of offences.
194. Regulations.
195. Interpretation.
196. Associated persons.
197. Domestic expenditure.
198. Financial instruments.
199. Implementation of Mutual Administrative Assistance Agreements.
200. Sinhala text to prevail in case of inconsistency.
201. Temporary Concessions.
202. Repeal and Savings.
203. Transitional Provisions.
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