Late Tax Payment Penalty Calculator Sri Lanka
Enter the unpaid tax, the months late and what was paid late. See the penalty, the interest and the total you owe the IRD.
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Penalty FAQs
What is the late payment penalty for income tax?
Under section 179(1) of the Inland Revenue Act, No. 24 of 2017, a person who does not pay all or part of the tax due for a tax period within fourteen days of the due date (or by the due date in the notice of assessment, if later) is liable to a penalty of 20 percent of the tax due but not paid. It is charged once; it does not grow with time. For an income tax instalment not paid within fourteen days of its due date, the penalty is 10 percent of the tax due but not paid (section 179(2)).
How is late payment interest worked out?
Section 159(1) sets interest at 1.5 percent for each month or part month, running from the due date until payment. A payment ten days late counts as one month. The calculator charges the rate on the unpaid tax only, so interest is not added to interest. Interest is separate from the penalty and still runs if you pay within the fourteen days.
Is there a grace period?
Only for the penalty. The 20 percent (or 10 percent for an instalment) penalty applies when the tax is still unpaid fourteen days after the due date. Interest runs from the due date itself. If the Commissioner-General grants an extension of time to pay under section 151, the section 179(1) penalty does not apply unless the extension ends without payment (section 179(3)).
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