What Are the Steps to Get Tax Preparation Services from Finzdox Accounting?

The steps to get tax preparation services from Finzdox Accounting are:

1. Schedule your free consultation
2. Gather required documents
3. Complete a financial assessment with Finzdox Accounting
4. Receive a customised tax strategy
5. File your taxes with expert support

Sri Lankan small businesses and individuals can start this process in just 15 minutes with a free consultation and can often save through proper tax preparation that complies with Inland Revenue Department regulations under the updated Inland Revenue Act and APIT framework for the Year of Assessment 2025/2026.

Finzdox Accounting simplifies tax preparation for Sri Lankan businesses by adhering to current Sri Lankan tax laws, including the Inland Revenue Act (No. 24 of 2017 as amended by Act No. 2 of 2025 and Act No. 11 of 2026), the VAT (Amendment) Act No. 16 of 2024, and EPF/ETF regulations.

Step-by-Step Guide: How to Get Tax Preparation Services from Finzdox Accounting

Step 1: Schedule Your Free 15-Minute Consultation

Time required: 5 minutes to book.

• Call +94 77 337 7326 or visit Book a free consultation.

• Choose your preferred time (English consultations available).

• No credit required, completely free.

What to expect: A Finzdox Accounting consultant will discuss your business type, tax needs, and savings potential based on the latest individual and corporate tax rules and APIT tables effective from 1 April 2025.

Step 2: Gather Required Tax Documents

Time required: 1–2 hours (can be done before or after consultation).

For Sri Lankan businesses, you’ll need:

• Previous year tax returns (if filed).
• Bank statements from Sri Lankan banks.
• Income receipts and sales invoices.
• Expense receipts (utilities, rent, salaries, equipment).
• Employee salary records.
• EPF/ETF contribution records.
• VAT registration documents (if applicable, based on the 18% standard VAT rate and current thresholds of Rs 15 million per quarter or Rs 60 million per year).
• Import/export licenses (for export businesses).
• Loan interest certificates from Sri Lankan banks (subject to the 10% Advance Income Tax on interest from 1 April 2025).
• Asset purchase documents (for depreciation claims under the Inland Revenue Act).

For individual taxpayers in Sri Lanka:

• APIT (Advance Personal Income Tax) deduction certificates or payroll summaries for your primary employment, which replaced the old PAYE framework.
• Salary slips showing EPF/ETF deductions and APIT withheld.
• Bank interest certificates (with 10% AIT on interest from 1 April 2025, creditable in your return).
• Rental income documents (if any).
• Investment documents (shares, unit trusts, foreign investments, etc.).

Tip: Finzdox Accounting offers secure online document upload, or you can collect documents directly from your accounting software and banking portals.

Step 3: Complete Financial Assessment with Finzdox Accounting

Time required: 30–45 minutes.

• Finzdox Accounting analyses your current expenses and income across business and personal tax profiles.
• The consultant identifies all eligible tax deductions and qualifying payments under the Inland Revenue Act, including up-to-date reliefs such as the Rs 1,800,000 personal relief for individuals from YA 2025/2026.
• Review your EPF/ETF compliance status for employees and its impact on APIT and individual tax.
• Assess VAT registration requirements under the current VAT law, including the 18% standard rate and the current registration thresholds (Rs 15 million per quarter or Rs 60 million per year).
• Calculate potential tax savings based on your documented income, expenses and reliefs.

What you’ll receive: A customised tax strategy showing your specific savings opportunities under the latest Inland Revenue and VAT rules.

Step 4: Receive Your Customised Tax Strategy

Time required: 1-2 business days.

Finzdox Accounting provides:

• A detailed deduction list (all eligible expenses and qualifying payments under current Sri Lankan tax law, including updated APIT, AIT on interest, and corporate tax provisions).
• A tax calculation worksheet (estimated tax liability before and after deductions, using current individual slabs and corporate tax rates for YA 2025/2026).
• A savings projection showing how much tax you can potentially save once all eligible deductions and reliefs are applied.
• A filing timeline (when to submit returns to the Inland Revenue Department, including the 30 November 2026 deadline for the YA 2025/2026 individual return).
• Payment plan options (if tax is due, including instalment options and how to manage APIT/AIT credits).

Step 5: File Your Taxes with Finzdox Accounting Expert Support

Time required: 1-3 business days.

Finzdox Accounting completes:

• Tax return preparation (corporate or individual) fully compliant with the Inland Revenue Act No. 24 of 2017 as amended by Act No. 2 of 2025 and Act No. 11 of 2026.
• VAT return filing (if registered) at the 18% standard rate, applying the latest thresholds and rules under the VAT (Amendment) Act No. 16 of 2024.
• EPF/ETF calculations (monthly contributions) and reconciliation with payroll and APIT deductions.
• APIT (Advance Personal Income Tax) filing and reconciliations for employees, replacing the older PAYE system and using IRD’s updated APIT tables.
• Electronic submission of returns and schedules to the Sri Lanka Inland Revenue Department via the IRD e‑services portal.
• Obtaining and sharing confirmation receipts and acknowledgements from the tax authorities.

After filing, you receive a copy of your filed tax return and confirmation from the Inland Revenue Department, which you can use for banking, visa, and compliance purposes.

Tax Preparation Services Timeline at Finzdox Accounting

First savings visible: typically 30-60 days after filing, once APIT/AIT adjustments, VAT credits, and refund processes under the amended Inland Revenue Act are completed by IRD.

What Makes Finzdox Accounting’s Tax Preparation Different in Sri Lanka?

Finzdox Accounting specialises in up-to-date Sri Lankan tax laws:

• Inland Revenue Act expertise, including the 30% standard corporate tax rate, the conditional 15% concessionary rate for qualifying service exports and foreign‑source income remitted in foreign currency where Inland Revenue conditions are satisfied, and the 45% rate for betting, gaming, liquor and tobacco sectors.
• Full alignment with the 18% standard VAT rate and current VAT registration thresholds (Rs 15 million per quarter / Rs 60 million per year), plus sector‑specific VAT treatment where relevant.
• EPF/ETF compliance (Employee Provident Fund & Employee Trust Fund) integrated with payroll and APIT calculations for employees.
• APIT tax system (Advance Personal Income Tax) for employees, using IRD’s latest APIT tables and personal relief of Rs 1,800,000 for YA 2025/2026.
• Export tax benefits and planning for service exporters and businesses earning foreign-source income at the 15% concessionary rate where the Inland Revenue conditions are satisfied (foreign currency receipts remitted through a bank to Sri Lanka).
• Local presence with remote and on‑site support for SMEs, corporates, and professionals.

Note: This article is for general information only and does not constitute legal or tax advice. For advice on your specific situation, please consult Finzdox Accounting or refer to official Inland Revenue Department publications.