Lack of the necessary resources and experienced professionals is bottleneck for managing their duties efficiently. Establishing the payroll system in Sri Lanka with the help of professionals from certified firms is an important decision, with high potential gains in return.
A company’s payroll is very important aspects in a company’s operations. Besides the fact that the timely and accurate distribution of employees’ salaries can have a tremendous impact on employee morale, an efficiently-managed payroll system can keep a company’s finances balanced, and on-track with internal financial objectives.
Outsourcing payroll operations to professional services providers can also ensure that foreign businesses are compliant with Sri Lanka’s compensation and taxation laws. Aside from the initial registration of the company and enrollment of employees with the Sri Lanka Labor and Social Insurance systems, and the monthly calculation and payment of workers’ salaries, there are a number of yearly payroll activities that companies need to be aware of. These include the computation of year-end withholding tax adjustments, and the preparation and filing of the Annual Withholding Tax Report for National Tax Purposes, among others.
Our services include:
- Preparation of monthly employee payroll
- Deposit slips
- Payroll ledger
- Expatriates payroll in Sri Lanka (with tax gross up calculation)
- HR / Labor consulting (advising on Sri Lanka labor rules and laws)
- Legal reporting of newly hired and resigned employees to the various agencies, as stipulated by Sri Lanka legislation
Contact us today to learn more about our setting up your company’s payroll in Sri Lanka.