Circular issued on exempting non-cash benefits from PAYE tax

News

The Inland Revenue Department has issued a circular to exempt non-cash benefits of employees’ income, including housing, vehicle, fuel allowances and medical benefits from the PAYE tax.

The circular stated the previous circular No.SEC/2022/E/05 issued on December 22 last year has been annulled.

Value of company shares awarded by an employer, value of benefits from any residence provided by the employer, quantification of value of the benefit included in transport facilities and communication facilities provided by the employer and other cash benefits (provision of hotel facilities for expatriates, loans on concessionary interest rates, provision of electricity and gas, medical benefits, free meals, a discharge or reimbursement of dental, medical or health insurance expenses, telephone bills, air tickets) are included in the circular.

Please find the circular in the below link

http://www.ird.gov.lk/en/publications/Circulars_Circulars/SEC_2022_E_05(Rev).pdf

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