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Message: <blockquote data-quote="Sx3" data-source="post: 29488025" data-attributes="member: 501745"><a href="https://www.newswire.lk/2023/02/02/taxing-the-freelancer-who-are-taxed/" target="_blank">https://www.newswire.lk/2023/02/02/taxing-the-freelancer-who-are-taxed/</a>"Are my foreign service earnings exempt from tax ? Interestingly, those earning foreign income can claim a tax exemption if they render services to any person to be utilized outside Sri Lanka for which they are paid in foreign currency and the money is routed via the banking system.For example, if you provide some consulting services to Company XYZ based in the UK for use in their foreign operations, and they remit GBP 1000 to your Sri Lankan Bank account, this foreign income is tax exempt in Sri Lanka.The business income of an individual is to be accounted for on an accrual basis (i.e. where income is recognized irrespective of whether cash is received). This may hinder the liquidity of the freelancer who is not cash rich.While all this might seem a bit complex to some and rather straight forward to the others, there are entrepreneurs who are below the tax fee threshold while there are others who conducts businesses that would have been eligible to exemptions because they earn foreign sourced income. The need of the hour therefore is a level playing field and reforms that will positively ease liquidity for the individual entrepreneur who may eventually grow into a large corporation and be a success story for the local economy."<a href="https://elakiri.com/threads/freelancers-%E0%B6%BD%E0%B7%8F-tax-%E0%B6%9C%E0%B7%99%E0%B7%80%E0%B6%B1%E0%B7%8A%E0%B6%B1-%E0%B6%95%E0%B6%B1%E0%B7%9A-%E0%B6%B8%E0%B7%99%E0%B7%84%E0%B7%99%E0%B6%B8%E0%B6%BA%E0%B7%92.2131816/#post-29487976" target="_blank">https://elakiri.com/threads/freelancers-ලා-tax-ගෙවන්න-ඕනේ-මෙහෙමයි.2131816/#post-29487976</a></blockquote>

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