The Inland Revenue (Amendment) Act comes into force from Monday (19), said the Sri Lankan Parliament in a facebook post.
Speaker Mahinda Yapa Abeywardena endorsed the certificate on the Inland Revenue (Amendment) Bill which was passed by a majority of votes after debate in Parliament.
Following the debate on the second reading of the bill held recently (09) a division was called by the opposition. Accordingly, 83 votes were cast in favor of the Bill and 41 votes were cast against.
A division was called for the Third Reading of the Inland Revenue (Amendment) Bill by the Opposition to which 79 votes were cast in favor of the Bill and 36 votes were cast against.
Accordingly, this bill comes into force as Inland Revenue (Amendment) Act No. 45 of 2022 from today.
The new tax regime will impose an extraordinary maximum 36% tax bracket on monthly income, with the lowest bracket starting at 6% for those earning over Rs. 100,000/- per month.
Monthly income of up to Rs. 100,000/- will be free from tax. A person who earns Rs. 350,000/- a month will be subject to all six tax brackets and will have to pay a tax of Rs. 52,500/- per month.
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