New income tax rules on individuals from Dec. not from Oct 1.

8 November 2022 09:54 am Views - {{hitsCtrl.values.hits}} 7 Bookmark

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The new income tax rules for individuals are set to come into effect from December and not from 1 October as referred to in the Inland Revenue Amendment Bill.

Tax expert KPMG Sri Lanka Principal Suresh R.I. Perera said the change is due to the undertaking given by the Attorney General during the hearing of the multiple petitions filed in the Supreme Court under Articles 120 and 121 of the Constitution challenging the new Bill.

He said the proposed personal relief (Rs. 3 million), tax slabs (Rs. 3 million), tax rates (6%, 12% and 18%), expenditure relief (Rs. 1.2 million) would continue till 30 November subject to being pro-rated for the relevant period.

Comments - 7

Patriot Tuesday, 08 November 2022 11:19 AM

What is the judgment of Supreme Court on the tax bill? Has the parliament passed it with majority without amendments?

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Peacemaker Tuesday, 08 November 2022 12:29 PM

First making rupee worthless by printing unlimited, then increase the salaries a bit, increasing the tax on commercial goods, increasing personal tax, if there are protests, reduce the tax on some commodities, nice game

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Testing the mood of the public Tuesday, 08 November 2022 01:07 PM

Does this indicate that the ministers are resorting to stop gap relief to avert mass resurrection? If people protest, they take a step back. It is the same as somebody testing the mood of the public, like mutti sellam? If some stone is thrown, take back the pot, if not, put your head out slowly, but always clad in ceremonial dress, ready to sit on the throne.

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Sri Tuesday, 08 November 2022 02:19 PM

Tax all professionals who exploit the public funds in many ways ...go and see some government departments how claims are made for doggy things ..some universities academics make claims for everything from travel to lectures ..tax office must do something to get tax back from those people

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Ram Tuesday, 08 November 2022 02:39 PM

Can someone knowledgeable provide a summary of the new taxes in an article for the benefit of all people

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Athk69 Tuesday, 08 November 2022 02:56 PM

What is the ruling given by the supreme Court of Sri Lanka on the matter? Why is KPMG issuing notice on the matter?

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Tom Tuesday, 08 November 2022 07:16 PM

Can you tax, Thilini Priyamali, Asad Sali( for correct income ), Janaki Siriwardhana, Araliya Rice( for correct income ), Dudley Sirisena( for correct income ), Dhammika Perera( for correct income ), the hoo doo man who received 80 million from Priyamali, 226 parliamentarians, and also increase the personal relief offered to middle income people! Why tax is not accounted for expenditure on one's child who is in a university abroad?

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