Company Registration and Secretarial Services
When considering the initiation and operation of a business in Sri Lanka, the prospect of navigating intricate procedures might appear overwhelming. This is precisely where DPR steps in to offer its expertise. Whether you’re contemplating Company Incorporation or seeking guidance regarding the implications of Company Law and other pertinent legislations, DPR is dedicated to simplifying the process for you.
Whether you’re a native Sri Lankan or an international individual, if you’re inclined towards incorporating a Limited Liability Company, Guarantee Company, Offshore Company, Branch Office, or Association in Sri Lanka, it’s imperative to seek the insights of seasoned professionals at an early stage. This is owing to the multifaceted nature of the legal landscape in Sri Lanka, encompassing various legislations.
The DPR team possesses an in-depth understanding of the Companies Act in Sri Lanka and is well-equipped to provide comprehensive consultations on all matters involving laws relevant to investments within Sri Lanka, such as the Foreign Exchange Act, Board of Investment Act, Land Act, Strategic Development Project Act, Port City Project Act, and more. By consolidating this diverse expertise under one roof, our clients gain access to a team of qualified, experienced, and approachable professionals offering a wide spectrum of services. All of this is available at a reasonable fee structure, ensuring a smoother, more efficient process that paves the way for achieving your business goals.
Accounting and Auditing
High-quality audits play a pivotal role in fostering economic growth and cultivating trust and confidence in both businesses and capital markets. At D P R, we operate as practicing Chartered Accountants and registered auditors in Sri Lanka, leveraging our knowledge, skills, and experience to conduct audits of the highest quality. Our approach is underpinned by principles of independence, integrity, objectivity, and professional skepticism. Through this, we contribute to the sustainable, long-term value creation of our clients’ endeavors.
The specialized audit team at D P R boasts a profound and extensive reservoir of expertise in accounting, assurance, and financial reporting. This positions us to provide competitive services that are not only fact-based but also insightful. We view audit procedures as an opportunity to offer tangible business advice, aiding you in the growth and advancement of your enterprise.
Our comprehensive suite of audit and assurance services significantly bolsters investor confidence in your business. Our expertise comes to your aid in ensuring compliance with financial reporting standards, meeting regulatory reporting requirements, assessing internal controls and systems, and delivering guidance on intricate transaction reporting.
In addition, our offerings extend to internal audit assignments. These assignments are meticulously designed to bring substantial value addition to your business. Our internal audit services align with both national and international internal audit standards, ensuring a comprehensive and effective approach to enhancing your business operations.
Registration of Marks
A trademark often encompasses your business name or company logo. Having a distinct, memorable name or symbol is crucial as it enables your company to stand out distinctly amidst competitors. When initiating a business, prioritizing the registration of your trademark, logo, and/or business name becomes imperative.
DPR specializes in facilitating the registration of Trademarks, Service Marks, and Trade Names in Sri Lanka through The National Intellectual Property Office of Sri Lanka, established under the Intellectual Property Act No. 36 of 2003. This process safeguards your intellectual property rights and ensures legal protection for your brand identity.
Payroll and HR Outsourcing
In today’s dynamic business landscape, organizations are constantly seeking ways to optimize their operations and focus on core competencies. Payroll and Human Resources (HR) functions are critical yet time-consuming aspects of managing a workforce. Many companies are turning to outsourcing as a strategic solution to efficiently handle these tasks, allowing them to concentrate on their primary business objectives.
In Sri Lanka, to function Payroll needs expertise knowledge and skills since it involves number of labour laws such as Shop and Office Act, Wages Boards, Gratuity Act, Employees Provident & Trust Fund etc. and tax laws of Advance Personal Income Tax (APIT), Stamp Duty etc.
Payroll and HR outsourcing can significantly enhance your organization’s efficiency, cost-effectiveness, compliance, and overall competitiveness. By partnering with DPR, experienced outsourcing provider in Sri Lanka, you can streamline your HR operations and dedicate more resources to strategic initiatives that drive your business forward.
Sri Lanka Residence Visa
A Sri Lanka Residence Visa is a legal document that permits foreign nationals to live in Sri Lanka for an extended period. This visa is typically issued to individuals who wish to reside in the country for purposes such as employment, investment etc.
Due to the complexities involved in the application process and the various types of residence visas available, it’s advisable to seek guidance to ensure accurate and up-to-date information during the application process.
DPR helps to obtain residence Visa for those who wish to invest or employ in Sri Lanka.
Tax Advisory
Personal Income Tax Advisory
D P R stands as the premier choice for tax advisory services, backed by resounding recommendations from prominent Public Limited Companies and various other businesses in Sri Lanka. Our roster of loyal clients includes senior executives from these enterprises, a testament to the quality and reliability of our services. At DPR, we provide tailored assistance to each esteemed client, starting from the registration for Tax Identification Number (TIN), offering guidance on estimated tax returns (SET), offering timely advice on income tax payment, and ensuring meticulous compliance with annual income tax return filing. Our foremost objective centers on delivering top-notch service to all our clients at the most competitive rates while mitigating any risk of penalties, interest, or fines.
In alignment with the latest tax regulations, it’s now mandated that individuals with a total income exceeding Rs. 100,000.00 per month establish an income tax file and make quarterly income tax payments. Notably, the deduction of income tax through advance personal income tax (APIT) or advance income tax (AIT) no longer serves as the final income tax settlement. Our team remains well-versed in these evolving tax laws, ensuring that our clients are well-informed and efficiently adhere to the stipulated requirements.
Corporate Income Tax Advisory Services
Why should you choose the best Tax Consultants in Sri Lanka? Every company, whether incorporated or registered in Sri Lanka, is mandated to obtain a Tax Identification Number (TIN), regardless of its residency status. The income and profits derived from business activities, investments, or other sources are subject to taxation within Sri Lanka. The Income Tax Statute provides a spectrum of provisions such as tax exemptions, investment incentives, capital allowances, qualifying payments, and reliefs. Thus, the role of experienced and knowledgeable Tax Consultants becomes pivotal in strategically planning the annual tax liabilities of any company, ensuring adherence to the tax laws.
With over twenty years of experience coupled with expertise gained from esteemed institutions like the Sri Lanka Institute of Taxation, C.A. Sri Lanka, and the Post Graduate Institute of Management (PIM), D P R possesses the skills and competence to offer comprehensive tax advisory services in Sri Lanka.
D P R doesn’t merely function as tax advisors; we establish partnerships with our clients, whether local or foreign, to cultivate a profound understanding of their businesses. This collaboration allows us to deliver value and enhance comprehension of the regulations and processes governing tax reporting, planning, and income tax accounting.
We are adept at identifying potential areas of risk, providing innovative solutions that not only mitigate financial statement vulnerabilities but also enhance tax compliance. Our reputation for expertise, efficiency, attention to detail, and exceptional service is acknowledged by both our clients and peers alike.
Transfer Pricing
In the current business landscape, more than 60% of global cross-border trade takes place within multinational enterprises (MNEs), often leading to intricate arrangements among entities belonging to the same MNE Group.
The Transfer Pricing regulations necessitate enterprises involved in controlled transactions or specific categories of controlled transactions with associated enterprises (AEs) to prepare and submit an annual transfer pricing disclosure form along with the Income Tax Return for each assessment year. This requirement holds true for both international transactions between associates and domestic transactions among associates in Sri Lanka. Consistent with global Transfer Pricing practices, Sri Lanka has also adapted its documentation requirements. These now encompass the Local File, Master File, and the Country-by-Country Report.
The Local File documentation must be prepared and maintained by enterprises engaged in controlled transactions exceeding Sri Lankan Rupees 200 million for each assessment year.
At D P R, we undertake Transfer Pricing Audits and offer comprehensive consultations in the realm of transfer pricing compliance. Our key services include:
- Transfer pricing compliance checks
- Review and design of transfer pricing policies
- Preparation of requisite statutory documentations
- Benchmarking studies and creation of defense files
- Advisory on advance pricing arrangements
- Verification of related-party agreements and contracts
- Liaison with the Inland Revenue Department, and more.
By offering these services, we ensure that your business remains compliant with Transfer Pricing regulations, equipped with robust documentation and strategies to navigate this intricate landscape.
International Tax Advisory
In an era of globalization, the seamless movement of capital, goods, and technology across national borders has become a defining feature. The isolation of countries as independent entities is no longer feasible. This global integration has fostered a landscape of cross-border transactions, including complex arrangements like mergers and acquisitions, joint ventures, sales and distribution setups, manufacturing collaborations, and more.
Sri Lanka has strategically engaged in Double Tax Avoidance Treaties with over forty countries, encompassing significant partners such as China, India, the U.S.A., the U.K., Japan, and the SARRC Multilateral Treaty.
Corporate international tax
Coordinating international tax advice across multiple jurisdictions is of paramount importance. Our adept tax experts design customized tax strategies to enhance your compliance while minimizing your exposure. We provide counsel on Tax-efficient ownership structures, Repatriation of profits, Withholding taxes and tax clearances, Double taxation relief, and more.
Personal international tax
In today’s dynamic world, individuals often traverse international boundaries. Many of our clients possess international dimensions within their financial undertakings. They entrust DPR to ensure that their personal tax affairs are meticulously managed. DPR safeguards earnings, optimizes tax obligations, and aligns with local tax regulations. Our proficient tax specialists offer guidance on Income tax, Capital gains tax, Dividend Tax, Interest, Royalty, Independent personal services, Employment, and more. DPR collaborates with employers, individuals relocating to Sri Lanka, and those departing from the country.
By offering comprehensive international tax advisory services, DPR empowers both corporations and individuals to navigate the complexities of international taxation with confidence and precision.
Indirect Tax Advisory
A significant portion, approximately 80%, of the government revenue in Sri Lanka is sourced through indirect taxes. The administration of these indirect taxes falls under the purview of the Department of Inland Revenue, Sri Lanka Customs, and the Excise Department. Furthermore, specific government bodies are vested with the authority to collect levies and charges.
Among the prominent indirect taxes in Sri Lanka, Value Added Tax (VAT) and the Social Security Contribution Levy (SSCL) stand out.
D P R’s Role:
D P R plays a pivotal role in this landscape. We facilitate the registration process for any applicable indirect taxes and shoulder the responsibility of intricate tasks such as calculations, payments, and the filing of indirect tax returns with the Department of Inland Revenue. Our expertise extends beyond the core taxes, as we offer counsel on an array of other taxes including Betting and Gaming tax, Stamp Duty, Tourist Board Development Levy, Trade Tax, Cess, Entertainment Tax, and more.
Navigating the complex realm of indirect taxes can be daunting. D P R’s comprehensive services ensure that your business not only complies with the regulations but also optimizes your tax obligations. With our guidance, you can confidently manage the intricate landscape of indirect taxes in Sri Lanka.
Advisory on Tax Dispute Settlement
Why should you engage an expert and competent tax advisor when dealing with the settlement of tax disputes with the Department of Inland Revenue? Can your Accountant or Finance Manager proficiently manage tax cases without the necessary skills and expertise? The absence of taxation expertise often leads to unnecessary payments to the Government of Sri Lanka, payments that may not be required under the tax legislations. It’s essential to recognize that administrative law in Sri Lanka plays a pivotal role in tax dispute settlements, making it crucial to approach such cases with precision.
Why Choose DPR for Tax Disputes:
D P R emerges as the go-to option for resolving tax disputes with the Department of Inland Revenue, and for good reason. We deliver timely and effective solutions tailored to your specific tax dispute. With over two decades of experience in taxation, we have accumulated a wealth of practical knowledge in liaising with the Department of Inland Revenue. Our up-to-date and comprehensive understanding of taxation intricacies allows us to devise optimal solutions for numerous clients efficiently and effectively.
Engaging DPR ensures that your tax dispute settlement process is conducted with proficiency and acumen. Our adept team is equipped to navigate the complexities of tax regulations and administrative law, delivering outcomes that safeguard your interests while minimizing unnecessary financial outlays.