WHO GOVERN THE APIT?
Inland Revenue Department Sri Lanka under the Inland Revenue Act, No. 24 of 2017.
As instructed by the Ministry of Finance, the PAYE Tax is removed by Inland Revenue Act, No. 24 of 2017 with effect from April 01st, 2020 and this has been reintroduced as Advance Personal Income Tax (APIT).
HOW TO CALCULATE APIT?
You have to consider followings for calculate the APIT
- Regular Employment Income
- Lump Sum Payment
- Once-and-for-all Payments
- Employees who works under multiple employer (Many Jobs)
- Tax on Tax Rates
WHAT SHOULD CONCERN WHEN YOU PAY APIT?
- Tax Type
- Payment Code
HOW YOU CAN RECOGNIZE TAX TYPE & PAYMENT CODE?
When you pay taxes it is most important to fill in the tax type code and payment period code correctly.
IS IT COMPULSORY TO DEDCUT APIT?
No. APIT can be deducted only at the consent of an employee.
WHO SHOULD PAY THE TAXES?
If your earnings exceed LKR 250,000/- per month OR LKR 3,000,000/- per annum APIT can be deducted by the employer
HOW TO PAY APIT?
- Using an online tax payment platform or
- Using a BOC Bank counter through IRD Payment Slip.
WHEN TO PAY THE TAXES?
- The total deducted amount should remit to the department on or before 15th of the following month.
HOW TO SUBMIT INCOME TAX RETURN?
- Online Basis (Using IRD Portal e-Services facility (RAMIS))
- Manual Basis (Filing Hard copy of Income Tax Return)
Link for Online Submission
http://www.ird.gov.lk/en/eServices/SitePages/Access%20To%20e-Services.aspx?menuid=1803
http://www.ird.gov.lk/en/eServices/SitePages/Access%20To%20e-Services.aspx?menuid=1803