ANNUAL COMPANY REGISTRATION LEVY (“LEVY”)
This levy was introduced initially in 2016 under section 581 of the then budget proposals, and thereafter made into law in 2018 under the Finance Act No. 35 of 2018 (“Act”). The amounts payable now are stated below:
• Private Companies – LKR 30,000/-
• Listed Public Companies – LKR 1,500,000/-
• Other Companies (i.e. Public Companies, Overseas Companies) – LKR 250,000/-
Please note that:
| a) | If your company has already made this payment pursuant to section 581 of the Budget Proposal 2016, then you would now only need to pay the balance additional amount, IF the amount paid in 2016 is less than what is stated above with respect to your type of company. |
| b) | The levy would not be applicable to: • any company which was incorporated during the period 01st January to 31st December 2016; and • any off-shore or guarantee company. |
| c) | If the amount paid in 2016 was more than what is payable now, you may pursue a refund of the balance payment amounts via the Ministry of Finance. |
Any company which fails to pay the levy is to be deemed a ‘defaulter’ under the Act and action could be taken by the Registrar General of Companies to prosecute such defaulter.
The deadline for submission of this levy was initially 31st December 2019 and has now been extended to 31st March 2020. Further details can be accessed via:
http://www.drc.gov.lk/wp-content/uploads/2020/01/letter-on-extending-date-of-levy.pdf
F. J. & G. de Saram 
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