Corporate Tax Return
This process ensures that your business fulfills its obligations to report income, deductions, and credits accurately to the Inland Revenue Department (IRD).Corporate income tax return submission is necessary for all registered companies operating in Sri Lanka, regardless of their size or industry. Any company that generates income from business activities is required by law to file an annual tax return with the Inland Revenue Department (IRD).
Corporate Income Tax Return Submission Process
Consultation Meeting
Schedule an online consultation meeting to discuss your company’s financial situation and tax obligations.
Document Collection
Gather all necessary financial documents, including profit and loss statements, balance sheets, and income statements.
Tax Preparation
Our team of experts meticulously prepares your corporate income tax return, ensuring accuracy and compliance with tax laws.
Review and Verification
Once the tax return is prepared, it undergoes thorough review and verification to eliminate errors and ensure completeness.
Filing and Submission
We handle the filing and submission of your corporate income tax return to the Inland Revenue Department, adhering to all deadlines and regulations.
Confirmation and Follow-Up
Receive confirmation of tax return submission and follow-up support for any additional inquiries or requirements from tax authorities.
Frequently Asked Questions
When is the deadline for filing corporate income tax returns?
The deadline for filing corporate income tax returns in Sri Lanka varies depending on the fiscal year-end of the company. Typically, the deadline falls within four months from the end of the financial year.
What documents are required for corporate income tax return submission?
Documents required for corporate income tax return submission may include financial statements, profit and loss statements, balance sheets, income statements, and any other relevant financial records.
What are the consequences of late or non-filing of corporate income tax returns?
Late or non-filing of corporate income tax returns may result in penalties and fines imposed by the tax authorities. Additionally, companies may face legal consequences and restrictions on business activities.
Can Accounting Buddy assist with corporate income tax return submission?
Yes, Accounting Buddy offers professional assistance with corporate income tax return preparation, filing, and submission. Our experienced team ensures accuracy, compliance, and timely submission of tax returns to avoid penalties and legal issues.