SfinaX

Reach out to SfinaX if you require assistance applying for your AIT/WHT refund.

In terms of Sections 150(24) of the Inland Revenue Act, No. 24 of 2017 and as amended by the Inland Revenue (Amendment) Act, No. 4 of 2023, 𝘀𝗲𝗻𝗶𝗼𝗿 𝗰𝗶𝘁𝗶𝘇𝗲𝗻𝘀, 𝗮𝗴𝗲 𝟲𝟬 𝗼𝗿 𝗮𝗯𝗼𝘃𝗲, 𝗮𝗿𝗲 𝗲𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝘁𝗼 𝗿𝗲𝗰𝗲𝗶𝘃𝗲 𝗿𝗲𝗳𝘂𝗻𝗱𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗔𝗱𝘃𝗮𝗻𝗰𝗲 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 (𝗔𝗜𝗧/𝗪𝗛𝗧) 𝗱𝗲𝗱𝘂𝗰𝘁𝗲𝗱 𝗼𝗻 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁.

𝗥𝗲𝗳𝘂𝗻𝗱 𝗰𝗹𝗮𝗶𝗺𝘀 𝗳𝗼𝗿 𝗮 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 𝘀𝗵𝗼𝘂𝗹𝗱 𝗻𝗼𝘁 𝗯𝗲 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗥𝘀. 𝟮𝟱,𝟬𝟬𝟬/- subject to the condition that the total of the refund claims for a year of assessment should not exceed Rs. 60,000/-

The Quarters are as follows.
1st Quarter: 1st April to 30th June
2nd Quarter: 1st July to 30th September
3rd Quarter: 1st October to 31st December
4th Quarter: 1st January to 31st March (Next Calendar Year)

𝗦𝗲𝗻𝗶𝗼𝗿 𝗖𝗶𝘁𝗶𝘇𝗲𝗻𝘀 𝘄𝗵𝗼 𝘀𝗲𝗲𝗸 𝗿𝗲𝗳𝘂𝗻𝗱𝘀 𝗮𝗿𝗲 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗱 𝘁𝗼 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗜𝗻𝗹𝗮𝗻𝗱 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗗𝗲𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁 (𝗜𝗥𝗗) by obtaining a Taxpayer Identification Number (TIN) prior to claiming the refund.

The application for a refund of advance income tax deducted on interest for 2024/2025 should be filed quarterly, and the first quarter is due 𝗼𝗻 𝟯𝟭𝘀𝘁 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟰.

Circular No: SEC/2023/E/06 https://lnkd.in/gaDdBGh5
Registration Form: https://lnkd.in/gzeTXYqW
Application for Refund 2024/25: https://lnkd.in/gBznKhMY

In terms of Sections 90 and 91 of the Inland Revenue Act, No. 24 of 2017 and as amended by Amendment Act No. 10 of 2021, Amendment Act No. 45 of 2022, a person who is an "instalment payer" shall pay income tax on the 𝗲𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝗱 𝘁𝗮𝘅𝗮𝗯𝗹𝗲 𝗶𝗻𝗰𝗼𝗺𝗲.

𝗘𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝗱 𝗧𝗮𝘅 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝘁𝗼 𝗯𝗲 𝗺𝗮𝗱𝗲 𝗶𝗻 𝗾𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗶𝗻𝘀𝘁𝗮𝗹𝗺𝗲𝗻𝘁𝘀 on the 15th of August 2024, 15th of November 2024, 15th of February 2025 and the 15th of May 2025.

𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝗼𝗳 𝗘𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝗱 𝗧𝗮𝘅 𝗣𝗮𝘆𝗮𝗯𝗹𝗲 is required to be submitted by the date for payment of the first tax instalment, i.e. 15th August 2024.

General instructions to complete the SET and calculation of quarterly instalments: https://lnkd.in/gjNTfQi8
Statement of Estimated Tax Payable 2024/25: https://lnkd.in/gwd8rmee
Statement of Estimated Tax (SET) Credit Schedule: https://lnkd.in/gWN2StzF

Need assistance in your personal or business tax filing? Reach out to us, and we'll alleviate your financial obligations.

Tax returns filing and payment due dates for July 2024.

Need assistance in tax filing for your business? Reach out to us, and we'll alleviate your financial obligations.

The government is set to introduce a series of tax changes to increase government revenue, according to a recent IMF report.

The IMF report notes that the planned tax measures, alongside the resumption of vehicle imports, are projected to generate annual revenue equivalent to 1.5% of the country's GDP.

𝗠𝗮𝗷𝗼𝗿 𝗧𝗮𝘅 𝗥𝗲𝗳𝗼𝗿𝗺𝘀
• Imposing Value-added tax on digital services.
• Removal of existing income tax exemptions on service exports.
• The social security levy currently charged on sales will be replaced by VAT.
• Corporate income tax rates for alcohol, to***co, and gaming companies are set to rise from 40% to 45%.
• Lifting Import ban on Motor Vehicles & other imports in a phased-out manner.
• A tax on the imputed rents of owner-occupied and vacant houses is planned to start in April 2025.
• Repeal of Simplified VAT (SVAT) by April 2025.
• Increase of Stamp Duty on lease contracts from 0.1% to 0.2%.

Most of these new taxes are expected to take effect in 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟱.

Stay up-to-date on the latest financial developments with SfinaX.

Expand your business beyond borders; SfinaX now offers business incorporation services in Dubai. We'll handle the confusing documentation and legalities, giving you the peace of mind to focus on the rest of the expansion.
Call us at 0706500306 for more information.

We are seeking a detail-oriented and organised individual to join our team as an Assistant Accountant. This role offers an exciting opportunity to gain valuable experience in the accounting field and contribute to the financial success of our local and overseas clients. If you are a motivated and dedicated professional looking to further your career in accounting, we would love to hear from you!

𝗝𝗼𝗯 𝗗𝗲𝘀𝗰𝗿𝗶𝗽𝘁𝗶𝗼𝗻
As an Assistant Accountant, you will be the key contact person for our portfolio of clients regarding bookkeeping, payroll handling and tax subjects.

𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀:
Prepare Financial Statements for clients in accordance with LKAS & SLFRSs
Preparing Monthly Financial Statements
Engage with payroll process and related regulatory entities
Dealing with internal & external audits relating to clients’ requirements
Dealing with the Inland Revenue Department regarding Tax matters
Provisioning of detailed analysis requested on an ad hoc basis within the deadline

𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀:
Partly qualified in CA, ACCA or fully qualified in AAT SL
2-3 years of experience in a similar function, preferably in an audit firm
Knowledge of International Financial Reporting Standards, Tax Policies, and Regulatory Reporting Environment
Knowledge and experience in payroll handling
Strong analytical report writing and communication skills
Excellent command of Microsoft Office
Hands-on experience in ERP systems
Knowledge in Computing Taxes and using RAMIS System
Ability to work under minimum supervision
Handle multiple tasks with parallel deadlines.

𝗝𝗼𝗯 𝗧𝘆𝗽𝗲 - Full Time on-site

Receive an attractive remuneration package depending on your qualifications and experience.

E-mail your CV with two non-related referees to:
𝗰𝗮𝗿𝗲𝗲𝗿𝘀@𝘀𝗳𝗶𝗻𝗮𝘅.𝗰𝗼𝗺