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Latest's Posts of Mifa Tax

Explore the latest tax tips, updates, and expert advice to help you stay ahead in compliance and financial planning.

Fri 10

Mass registration of individuals for income tax: Misguided approach

Sri Lanka’s recent initiative to register every adult for income tax is a mistaken and inefficient action. As someone who served in the Inland Revenue Department, I feel this approach
Thu 10

Exemption of Trading Activities from VAT: A timely correction of a bureaucratic error!

Sri Lanka’s recent initiative to register every adult for income tax is misguided and inefficient. As someone who served in the Inland Revenue Department, I feel this approach undermines fairness,
Fri 09

Zakath and poverty: Why the powerful tool falls short in Sri Lanka

Every year, Sri Lanka witnesses the collection of over a billion rupees in Zakat, yet there remains a concerning prevalence of poverty within the Muslim community. This paradox presents an
Sat 09

Keeping Trading Activity out of VAT: A correction of bureaucratic slipup

A recent expose, “Keeping Trading Activity out of VAT: A Correction of Bureaucratic Slip-Up,” reveals a long-standing fiscal blunder: local trading—simple buying and selling—was never meant to be taxed under
Sat 09

Rule of law in taxation: Rightsbefore revenue-Part 3

we focus on a key idea: every taxpayer should receive a clear explanation for any tax assessment, not just a number, but also the reasons behind it. Section 135 of
Sat 09

Rule of law in taxation: Rightsbefore revenue – Part 2

We focus on your right to know not just what you owe, but why. Section 135 of the Inland Revenue Act calls for transparency. Tax officials cannot override your self-assessed
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