Example: tourism industry
2021 TAX LAW UPDATES
The exemption is doubled to $10 million as of 2018 plus indexed increases. The 2019 exemption is $11.4 million for individuals and $22.8 million for married couples. 2020 – $11.58 million for individuals and $23.16 million for married couples and in 2021 it raised to $11.7 million for individuals and $23.4 million for married couples.
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Manual of Inland Revenue Act
www.ird.gov.lkThe Inland Revenue Act No 24 of 2017 (the Act) was enacted by the Parliament with effect from 01.04.2018. This manual sets out very briefly the law and administrative proceedings applicable to income tax. It also includes some useful information related to taxation on profit and gain. This publication is comprehensive guide to the income tax.