Sri Lanka slaps company registration renewal fees of up Rs.1.5mn

ECONOMYNEXT – Sri Lanka will charge 1.5 million rupees in annual renewal fees for incorporated bodies, under new taxes proposed by the finance ministry.

Amendments to the Finance Act propose a 1.5 million rupee annual charge on listed companies, 250,000 on other companies and 30,000 for a private company.

Off-shore companies and companies limited by guarantee will not have to pay the tax.

In the case of default every director, officers responsible for the management and control of the incorporated firm will be liable to prosecution. (Colombo/Aug16/2018)

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