Failing to meet statutory deadlines can result in heavy penalties and interest from the Inland Revenue Department (IRD) and Central Bank of Sri Lanka. To help your finance team stay compliant, we have compiled the essential monthly calendar:
1. Advanced Personal Income Tax (APIT)
- Deadline: 15th of every month.
- Action: Monthly deduction from employees' salaries must be remitted to the IRD.
2. Employee Provident Fund (EPF) & Employee Trust Fund (ETF)
- Deadline: 15th of every month (or the last working day before the 15th if it falls on a weekend/holiday).
- Action: Remit monthly contributions (12% employer + 8% employee for EPF; 3% employer for ETF) along with the monthly declaration sheets (Form C).
3. Value Added Tax (VAT)
- Deadline: 20th of every month.
- Action: Monthly VAT payments must be remitted. For quarterly filers, the quarterly payment and return must be completed on or before the 20th day of the month succeeding the quarter.