| 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. [2, 10 of 2021] [2, 45 of 2022] |
| 6.
| | Business income. [3, 10 of 2021] |
| 7.
| | Investment income. |
| 8.
| | Other income. |
| 9.
| | Exempt amounts. [4, 10 of 2021] |
| 10.
| | General Deduction. [5, 10 of 2021] [3, 45 of 2022] [2, 4 of 2023] |
| 11.
| | Main deduction. [6, 10 of 2021] |
| 12.
| | Interest expense.[4, 45 of 2022] |
| 13.
| | Allowance for trading stock. |
| 14.
| | Repairs and improvements. [7, 10 of 2021] [5, 45 of 2022] |
| 15.
| | Research and development expenses and agricultural start up expenses. |
| 15A.
| | Marketing
and
communication
expenses [8, 10 of 2021] |
| 16.
| | Capital allowances and balancing allowances. [9, 10 of 2021] [6, 45 of 2022] |
| 17.
| | Losses on realisation of business assets and liabilities. |
| 18.
| | Deductible amount of financial cost. [10, 10 of 2021] [7, 45 of 2022] |
| 19.
| | Business or investment losses. [11, 10 of 2021] [8, 45 of 2022] |
| 20.
| | Year of assessment. [12, 10 of 2021] |
| 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. [13, 10 of 2021] |
| 37.
| | Cost of an asset. [3, 4 of 2023] |
| 38.
| | Consideration received. [14, 10 of 2021] |
| 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. [9, 45 of 2022] |
| 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. [15, 10 of 2021] |
| 54.
| | Partnership income or loss. [10, 45 of 2022] |
| 55.
| | Taxation of partners. [16, 10 of 2021] |
| 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. [17, 10 of 2021] |
| 61.
| | Taxation of shareholders. |
| 62.
| | Remittance tax. [18, 10 of 2021] |
| 63.
| | Asset dealings between entities and members. |
| 64.
| | Change in control. |
| 65.
| | Petroleum operations. |
| 66.
| | Banking business. [19, 10 of 2021] [11, 45 of 2022] |
| 67.
| | Insurance business. |
| 68.
| | Non-Governmental organizations and charitable institutions. [20, 10 of 2021] |
| 69.
| | Resident persons. [12, 45 of 2022] |
| 70.
| | Change of residence. [21, 10 of 2021] |
| 71.
| | Source of income and quarantining of foreign losses. |
| 72.
| | Source directly to be included and amounts to be deducted. [13, 45 of 2022] |
| 73.
| | Source of payments. [14, 45 of 2022] [4, 4 of 2023] |
| 74.
| | Foreign Source. |
| 75.
| | Double taxation agreements and mutual administrative assistance agreements. [22, 10 of 2021] |
| 76.
| | Profits and income or loss from international transactions between associates. [23, 10 of 2021] |
| 77.
| | Profits and income or loss from transactions between associates. [24, 10 of 2021] |
| 78.
| | Dispute Resolution Panel. [25, 10 of 2021] |
| 79.
| | Head office expenditure. |
| 80.
| | Foreign tax credit. |
| 81.
| | Calculation of foreign tax credit. |
| 82.
| | Methods and time for payment. |
| 83.
| | Withholding by employers. [26, 10 of 2021] |
| 83A.
| | Advance Personal Income Tax [27, 10 of 2021] [15, 45 of 2022] |
| 84.
| | Withholding from investment returns. [28, 10 of 2021] |
| 84A.
| | Advance Income Tax [29, 10 of 2021] [16, 45 of 2022][5, 4 of 2023] |
| 85.
| | Withholding from service fees, contract payments and payments to non-residents.[30, 10 of 2021] [17, 45 of 2022] [6, 4 of 2023] |
| 86.
| | Statements and payments of tax withheld or treated as withheld. [7, 4 of 2023] |
| 87.
| | Withholding certificates. [31, 10 of 2021] [18, 45 of 2022] |
| 88.
| | Final withholding payments.[32, 10 of 2021] [19, 45 of 2022] |
| 89.
| | Credit for non-final withholding tax. |
| 90.
| | Payment of tax by quarterly instalment. [33, 10 of 2021] [20, 45 of 2022] |
| 91.
| | Statement of estimated tax payable. |
| 92.
| | Statement of estimated tax payable not required. |
| 93.
| | Return of income and capital gains.[34, 10 of 2021] |
| 94.
| | Return of income not required. [35, 10 of 2021] [21, 45 of 2022] |
| 95.
| | Assessment. [36, 10 of 2021] |
| 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. [8, 4 of 2023] |
| 101.
| | Informants. |
| 102.
| | Registration. |
| 103.
| | Taxpayer identification number. [37, 10 of 2021] |
| 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. |
| 111A.
| | Opinion of the Secretary to the Treasury on underlying tax policy [9, 4 of 2023] |
| 112.
| | Communications with taxpayers and other persons. |
| 113.
| | Application of electronic tax system. [38, 10 of 2021] [10, 4 of 2023] |
| 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. [39, 10 of 2021] [22, 45 of 2022] |
| 121.
| | Obligations of Financial Institutions. |
| 122.
| | Access to information, assets and land. |
| 123.
| | Notice to obtain information. [23, 45 of 2022] [11, 4 of 2023] |
| 124.
| | Search and seizure with warrant. |
| 125.
| | Execution of a search and seizure with warrant and search without warrant. |
| 126.
| | Tax returns. [40, 10 of 2021] |
| 127.
| | Notice to require filing. |
| 128.
| | Return deemed to be furnished by due authority. |
| 129.
| | Information returns and
annual statements. [41, 10 of 2021] |
| 130.
| | Extension of time to file returns. |
| 131.
| | Tax return duly filed. |
| 132.
| | Self-assessments. |
| 133.
| | Default assessments. [24, 45 of 2022] |
| 134.
| | Advance assessments. [25, 45 of 2022] |
| 135.
| | Amended or additional assessments. [26, 45 of 2022] [12, 4 of 2023] |
| 136.
| | Application for making an amendment to a self-assessment. [27, 45 of 2022] |
| 137.
| | Objections. |
| 138.
| | The Act to prevail. |
| 139.
| | Administrative Review. [42, 10 of 2021] [13, 4 of 2023] |
| 140.
| | Appeal from Administrative Review. [43, 10 of 2021] |
| 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. [14, 4 of 2023] |
| 151.
| | Extension of time for payment. [28, 45 of 2022] |
| 152.
| | Default in payment. |
| 153.
| | Priority of tax. |
| 154.
| | Order of payment of tax debts. [15, 4 of 2023] |
| 155.
| | Currency. |
| 156.
| | General. |
| 157.
| | Interest on underpayments
and
late
payments. [44, 10 of 2021] |
| 158.
| | Interest on refundable amounts. [45, 10 of 2021] |
| 159.
| | Interest rate. [46, 10 of 2021] |
| 160.
| | General. |
| 161.
| | Period of limitations for collection. |
| 162.
| | Extinguishment of uncollectible amounts. |
| 163.
| | Court proceedings. [29, 45 of 2022] |
| 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. [30, 45 of 2022] |
| 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. [31, 45 of 2022] [16, 4 of 2023] |
| 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. |
| 190A.
| | Punitive provision for fraudulently prepared or certified documents. [47, 10 of 2021] |
| 191.
| | Failure to preserve secrecy. |
| 192.
| | Offences by tax officials. |
| 193.
| | Compounding of offences. |
| 194.
| | Regulations. |
| 195.
| | Interpretation. [48, 10 of 2021] [32, 45 of 2022] [17, 4 of 2023] |
| 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. [49, 10 of 2021] |
| 202.
| | Repeal and Savings. |
| 203.
| | Transitional Provisions.[50, 10 of 2021] |
|