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SRI LANKA: Withholding Tax on Dividends Increased from 10% to 14% for Non-Residents

The withholding tax (WHT) rate on dividends paid to non-resident shareholders in Sri Lanka has been increased from 10% to 14%. In addition, the WHT rate on profits repatriated from the country has also been increased from 10% to 14%.

The changes, which have been introduced by the country’s recently amended Inland Revenue Act, will come into effect from 1 April 2018. Further, royalties and fees for technical services will be taxed at the rate of 14% for non-residents.

Other significant changes introduced by the amended legislation, include a 10% tax on capital gains from the realisation of investment assets other than listed shares. Capital gains of less than LKR 50,000 (US$324) per transaction or LKR 600,000 (US$3,884) per year will be exempted.

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