IRD extends deadline for submission of Transfer Pricing Disclosure Form to April 30

Sri Lanka’s Inland Revenue Department (IRD) extended the deadline for the submission of 2018/2019 Transfer Pricing Disclosure Form (TPDF), from March 31 to April 30, in light of the prevailing situation in the country.

Through a notification published on the official IRD website on Sunday, the Commissioner General of IRD announced that penalties would not to be imposed on the TPDFs filed between March 31 and April 30, this year.

As per the notification, the taxpayers, who have filed their income tax returns through the e-service portal, are advised to upload their TPDFs to the RAMIS and others are instructed to file the PDF copies of the TPDFs via email to the following email addresses: [email protected] and [email protected].

As per the Guide to Transfer Pricing Disclosure Form published on March 11, this year, the taxpayers, who had not carried out at least one category of associated enterprise (AE) transactions exceeding Rs.200 million, are not required to prepare and file the TPDF for the year of assessment 2018/2019.

Accordingly, the taxpayers, who do not meet the threshold but who may have indicated that they intend to file the TPDFs in Schedule 9B of the Income Tax Return, were advised to take measures to formally notify the IRD that the TPDFs will not be prepared and filed for the year of assessment 2018/2019.

The non-compliance to these requirements by the taxpayers within the time frame would result in the imposition of monetary penalties under the Inland Revenue Act.