According to the officials from the Inland Revenue Department (IRD), the existing Inland Revenue Law mandates the submission of the annual income report, for the assessment year 2022/2023 (from April 01, 2022 to March 31, 2023), to the department by November 30.
Failure to comply will result in a fine of Rs.50,000 and 5 percent of the tax payable for individuals maintaining tax files without meeting the deadline.
This information was conveyed during a workshop held in Parliament on Monday, organised by the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis. The workshop focused on the completion of the annual income report and online submissions to the IRD, with contributions from the
Chaired by Committee Chair Gamini Waleboda, Member of Parliament, the workshop was attended by state ministers, Members of Parliament and parliamentary officials. The IRD was represented by Senior Commissioner Sujeewa Senadheera, Senior Deputy Commissioner Nandana Kumara and Senior Deputy Commissioner M.H.D. Meneripitiya.
The workshop aimed to raise awareness about the provision of income reports under the current income tax law and the consequences of non-compliance. Practical demonstrations were provided on completing the income report through the IRD’s website and submitting it online to the department’s computer system.
Members of Parliament engaged with the officials, seeking clarifications on the potential issues arising during the report submission process.