Sri Lanka publishes gazette with income tax changes

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka has published changes to the Inland Revenue Act in a gazette notice giving effect to tax hikes announced by President Ranil Wickremesinghe in May.

The taxes were expected to be legislated this month.

Key changes include reducing the tax-free threshold for personal income tax to 1.2 million rupees from 3.0 million and raising the corporate tax to 30% from 24%.

Capital gains tax for companies is expected to be raised from 10% to 30% for investment assets.

Exemptions given to IT services are expected to be revoked.

Taxes on mutual funds and trusts would also be raised.

Sri Lanka has to legislate the taxes and sometimes changes are made before final passage.

-economynext.com

Download gazette 275-2022_inland-revenue

Editor_1
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