Government proposes IMF to adjust Personal Income Tax slabs

14 August 2024 03:33 pm Views - 4666

Colombo, August 14 (Daily Mirror)- The government has proposed to the IMF an adjustment in Personal Income Tax slabs from Rs. 500,000 to Rs. 720,000, aiming to provide relief to mid-level taxpayers affected by the recent tax reforms, the President's Media Division (PMD) said.

The PMD said the proposal was made following the strong performance in tax revenue this year.

The PMD said the IMF suggested changes, offering more relief to lower bands, similar relief to mid-level and slightly less to higher earners, keeping the proposal's core intact.