Taxing the freelancer : Who are taxed ? - NewsWire

Taxing the freelancer : Who are taxed ? - NewsWire

Recent highlights:

1. Dividend income is subject to final withholding tax; therefore, the net income is tax free provided it has been taxed by the company paying the dividend.

2. For example, if you provide some consulting services to Company XYZ based in the UK for use in their foreign operations, and they remit GBP 1000 to your Sri Lankan Bank account, this foreign income is tax exempt in Sri Lanka.

3. So if you get interest income after the tax deduction, you will need to pay tax at the tables above and request a credit for the 5% deducted by the bank.

4. This means, if your total income is below than the threshold per year you are not required to pay income tax.

5. Sarah serves as the Partner – Tax Services of BDO Partners and Heads the firm's Tax Practice

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