Sri Lanka’s New Personal income tax likely to come in to force from November 1
Posted by Editor on October 22, 2022 - 7:18 pm
The newly-gazetted personal income tax will be implemented from November 1, 2022 after the approval by the Finance Committee of the Parliament of Sri Lanka and the signature of the Speaker.
Minister Ranjith Siyambalapitiya said this while speaking at a press conference in Ruwanwella. Earlier, a gazette notification was issued amending the Inland Revenue Act.
Accordingly, any individual with gross monthly earnings of Rs. 100,000 or above, would be liable to pay Income Tax. The top marginal personal income tax rate is gazetted as 36%.
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Does this mean that person who got a family of two children pay the same tax as a single person earning the same amount?