Sri Lanka: Living There - Tax Issues
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Last Updated: Mar 12, 2007
Living There
Residents are taxed on their worldwide income at the standard progressive tax rates.
Moreover, the following qualifying payments can be deducted from the gross income in computing for the taxable income:
Premiums on life insurance policies and medical insurance policies: limited to the lower of LKR25,000 (US$240) or one third of assessable income- Investment of at least LKR500,000 (US$4,808) in a venture capital company: limited to the lower of 50% of the investment or one third of assessable income
- Contributions to provident funds and pension funds: limited to the lower of LKR25,000 (US$240) or one third of assessable income
- Donation made to approved charities: limited to the lower of LKR25,000 (US$240) or one third of assessable income
Sri Lanka - more data and information
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