Only ten per cent of the population will have to pay increased income tax

10 December 2022 01:59 am Views - 670

• Half of those who earn less than Rs 100,000 cannot afford to have three meals daily. Those who earn a high revenue should look after the low-income earners 
• The state minister said payment of salaries and pensions is a pressure mounting activity where the Treasury is concerned

By Yohan Perera

While highlighting that only ten per cent of the population will have to pay increased income tax, the State Minister of Finance Ranjith Siyambalapitiya said those who pay increased taxes should look after the low-income earners who are affected by the economic downturn.

The state minister was referring to the proposal under which those who earn a monthly income of Rs 100,000 will be subjected to income tax. 

“Half of those who earn less than Rs 100,000 cannot afford to have three meals daily. Those who earn a high revenue should look after the low-income earners,” the state minister said.

The state minister said payment of salaries and pensions is a pressure mounting activity where the Treasury is concerned. “Only those who are attached to the treasury are aware of the pressure they have to go through when paying salaries and pension payment deadlines draws near,” Mr. Siyambalapitiya said.Whilst revealing that corporate income tax, individual income tax and the tax threshold of income tax will be reduced to Rs 1.2 million from the current level of 3 million, Mr. Siyambalapitiya said the government is willing to be flexible and provide concessions whenever it becomes possible.