Sri Lanka personal income tax collections surge with lower slabs, higher rates

Sri Lanka
By Editor_1
Sri Lankan port workers protest against an income tax increase in Colombo on March 1, 2023. About a year after economic frustration ignited a popular uprising that forced a change of government, citizens are still feeling the strain -AP

COLOMBO – Sri Lanka has collected 11.93 billion rupees in advance personal income tax in March 2023, up from 3.1 billion rupees in January, Commissioner General of Inland Revenue D. R. S. Hapuarachchi has said.

Sri Lanka hiked personal income tax rates, including payroll taxes in 2023 and lowered slabs.

In the first quarter 24,577 billion rupees were collected from APIT. A comparison with last year was not given.

“There is a steady growth in tax revenues,” Hapurachchi said in a statement.

In January 3,106 million rupees was collected, in February 10,540 million rupees and 11,931 in March.

There has been opposition to hiked personal tax rates from state enterprise and state employees.

Some state enterprise workers did not pay any payroll taxes earlier due to the company paying taxes including loss making SOEs.

In the case of private firms, some companies have made adjustments according to anecdotal evidence. A higher wage bill would reduce the profits and corporate income taxes if the company was making profits.

-economynext.com

Editor_1
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