Pay As You Earn Tax
Posted by
Kokila S. Mudugamuwa
on
12:02:00 AM
in
|
Pay As You Earn Tax
In terms of Section 114 of the Inland Revenue Act No. 10 of 2006, Employers are required to deduct Income Tax on Employment Income of employees at the time of payment of remuneration.
For this purpose the Commissioner General of Inland Revenue specifies Tax Tables which are to be used in making such tax deductions. Since the Tax is paid at the time of earning the remuneration, This System is called Pay-As-You-Earn System (PAYE)
Acts
| Inland Revenue Act, No.10 of 2006 [Certified on 31st March 2006] |
| Inland Revenue (Amendment) Act, No.10 of 2007 [Certified on 30th March 2007] |
| Inland Revenue (Amendment) Act, No.09 of 2008 [Certified on 29th February 2008] |
| Inland Revenue (Amendment) Act, No.19 of 2009 [Certified on 31st March 2009] |
| Inland Revenue (Amendment) Act, No.22 of 2011 [Certified on 31st March 2011] |
| Inland Revenue (Amendment) Act, No.08 of 2012 [Certified on 31st March 2012] |
| Inland Revenue (Amendment) Act, No.18 of 2013 [Certified on 28th April 2013] |
| Inland Revenue (Amendment) Act, No.08 of 2014 [Certified on 24th April 2014] |
| Consolidated Text of the Inland Revenue Act, No. 10 of 2006 [Incorporating Amendments up to 30.04.2014] |
| Inland Revenue (Amendment) Act, No.09 of 2015 [Certified on 30th October 2015] |
Payment of Tax
Every employer has obligation to deduct PAYE tax from the Employee as per PAYE tax tables and the total deducted amount should remit to the department on or before 15th of the following month.
Furnishing PAYE Returns
Due date : Return of PAYE Tax (PAYE) for a relevant Assessment Year, should be furnished on or before 30th day of the month of April, of the following Assessment Year.
Submit to : Data Preparation & Revenue Accounting Unit (DPRAU) - 7th Floor of the IRD Building
Downloads
PAYE Tax Tables
Annual Declaration of Employer - PAYE
|
|
| | |
|
|
|
Post a Comment