In Sri Lanka, small and medium-sized enterprises (SMEs) often face challenges in staying tax-compliant due to changing regulations and limited internal expertise. Even minor mistakes can lead to penalties, audits, and reputational damage.

Common mistakes include:

• Delayed or missed tax filings (VAT, PAYE, income tax)

• Incorrect VAT registration and calculations

• Underreporting of income or overstating expenses

• Neglecting withholding tax obligations

• Failing to claim available deductions or incentives

To avoid these issues:

• Maintain accurate financial records using accounting software

• Conduct regular tax reviews with a qualified consultant

• Stay updated on Inland Revenue Department (IRD) changes

• Keep supporting documents organized and accessible

Outsourcing tax compliance to experienced professionals like Chart Consultants ensures peace of mind and helps you focus on business growth.