Income tax on rent, worked example, in Sri Lanka
January 18, 2018
1 The property is jointly owned by husband and wife, but then taxed separately (50% upon each partner).
2 Exchange rate used: 1.00 USD = 145.00 LKR
3 Estimated values only.
4 Repair allowance is limited to 25% of income after deduction of rates and taxes.
5 Rental income is taxed at a flat rate of 20%.
6 The Social Responsibility Levy (SRL) is computed as 1% of the annual income tax liability.