Introduction
Missing a tax deadline can be expensive — penalties, interest, and even legal action may follow. At MAPA Associates we help businesses and individuals in Sri Lanka understand the calendar of obligations, keep accurate records, and file/pay on time so you can concentrate on running your business. The guidance below summarises the essential deadlines you must track. ft.lk
Key deadlines at a glance
Income Tax (Inland Revenue Act, No. 24 of 2017)
- Annual return filing: 30 November following the end of the assessment year (assessment year = 1 April – 31 March).
- Quarterly instalments: 15 August, 15 November, 15 February, and 15 May.
- Final balance tax payment: on or before 30 September prior to the annual filing deadline.
- Penalties & interest: late filing penalties are either a percentage of tax owing or fixed sums (with maximum caps); interest on late payments is typically 1.5% per month, plus additional penalties for payments overdue beyond short grace periods. ft.lk
Value-Added Tax (VAT)
- Return filing: by the 30th day of the following month (monthly taxpayers).
- Payment of VAT due: by the 20th day of the following month.
- SVAT schedule submission: usually by the 25th of the following month for eligible suppliers.
- Penalties: fixed penalties for late filing (e.g., Rs. 50,000 per return quoted by commentators) and interest (commonly cited as 2% per month or part thereof). Maintain records for five years. ft.lk
Social Security Contribution Levy (SSCL)
- Payment (monthly): by the 20th of the month following the turnover month.
- Quarterly SSCL returns: due on specified dates (e.g., Q1 (Apr–Jun) due 20 July; Q2 due 20 October; Q3 due 20 January; Q4 due 20 April).
- Rate & thresholds: SSCL is calculated on turnover with thresholds and exemptions — confirm applicability for your sector. Late payments attract interest; late returns can incur fixed penalties. ft.lk
PAYE / APIT and Withholding Tax (WHT)
- PAYE / APIT: remittance by the 15th of the following month. Employer returns are usually due by 30 April of the following assessment year.
- Withholding Tax: remittance by the 15th of the following month; quarterly WHT returns within 30 days of quarter end. ft.lk
Practical compliance tips from MAPA Associates
- Automate reminders — set alerts 30 days, 7 working days and 3 working days before critical due dates. (We can integrate this with your calendar.)
- Keep supporting documents for at least five years — invoices, bank slips and e-records should be stored and indexed.
- Pay attention to payment channels — certain taxes require specific bank counters or e-services; wrong payment mode delays clearance.
- Plan cashflow — quarterly instalments and VAT payment timings affect working capital. Forecast tax cashflows to avoid surprises.
- Seek professional review for thresholds & exemptions — VAT/SSCL thresholds and sector exemptions change — let us check whether your business should be registered or exempt. ft.lk
Why use MAPA Associates for tax calendar management?
- We prepare tailored tax calendars and automated reminders for busy businesses.
- We handle filing, reconciliation, and follow-up on refund claims or notices.
- Our combined corporate secretarial and audit experience ensures deadlines are met from both tax and regulatory perspectives.
Contact us for a free compliance check:
MAPA Associates (Chartered Accountants)
1/8/3, Sea View Residencies, Uyana, Moratuwa
Phone: 0770 11 77 60 / 0702 861 981
Email: contact@mapaassociates.com
