Minister of Finance and Mass Media Mangala Samaraweera states that claims of the new income tax bill is to tax earnings of senior citizens and foreign workers is completely false.
This act, which was implemented from April 1, removed the discrepancies in the tax system in Sri Lanka and created a fair tax system, expanded the tax base, simplified existing tax structures, examined international legal concepts against tax evaders, and implemented them as appropriate Minister said.
At present, 82% of the population of Sri Lanka is subject to indirect taxes and direct taxes are paid by only 18% of the population. “However, the aim is to increase the direct tax income to 40% by the new tax bill” the Minister said.
New direct taxes are expected to generate 30 billion rupees in the second and third quarters of the year while the annual revenue is expected to be Rs. 60 billion.
Leave your comments
Login to post a comment
Post comment as a guest