Sri Lanka PAYE thresholds to be raised, minimum Rs150,000

Sri Lanka
By Editor_1
President Anura Kumara Dissanayake addressing parliament - screenshot

COLOMBO – Sri Lanka has negotiated with the International Monetary Fund (IMF) to raise the income tax threshold to 150,000 rupees a month from the current 100,000 rupees, President Anura Kumara Dissanayake said.
“The wages of a person earning 150,000 rupees will be 100% free from tax,” President Dissanayake told parliament.
“The 6% tax on the first slab of 500,000 rupees will be raised to one million rupees,” he said, explaining that the tax on someone earning 200,000 rupees will be 71% free of tax, while the salary of a person earning 250,000 will be 61% free and the salary of a person earning 300,000 rupees will be 47% free.
“The salary of a person who gets 350,000 a month will be 25% free,” he said, noting that the government has been able to revise PAYE tax to give bigger benefits to lower income earnings and lower benefits to higher income earners.
A witholding tax on bank deposits is also be raised from 5 to 10%, he said pointing out that there will however be a process where exemptions can be claimed by lower income earners.
Value added tax on milk and yoghurt will also be removed, Dissanayake said, adding that corporate tax on services export which was to be raised to 30% will be brought down to 15%.
-economynext.com

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