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Plan ahead: the 2026/27 tax year runs from 1 April 2026 to 31 March 2027. Keep receipts for your business expenses.
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How expenses reduce your tax
Example expenses to reduce your taxes
Tool to track your expenses
Tool to estimate your tax for 2025/2026 (1 April 2025 to 31 March 2026)
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How Expenses Reduce Your Tax
How Expenses Reduce Your Tax
You're taxed on your profit, not your total income. The difference? Your expenses. Sri Lankan tax law allows you to deduct legitimate business expenses from your revenue. If your income is taxed at up to 15%, every LKR 100,000 in allowable expenses can save you up to LKR 15,000 in tax.
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The good news?
The good news?
You can deduct common business expenses from your revenue to arrive at your taxable profit.
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Typical business expenses you may be able to claim
Rental expenses
Electricity
Network cost (Phone and Wifi)
Stationery and printing
Subscriptions and software
Professional memberships
Website cost
Miscellaneous (refreshments, sponsorships, etc.)
Consultancy payments for family members who assist with the delivery of work.
*Ensure the correct withholding tax is charged on these payments
Fuel and transport
Airfare and accommodation
Equipment purchase
Repairs and maintenance
Advertising
Business development
Legal service fees
Accounting service fees
Bank charges
Interest charges
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