Surcharge Tax will affect EPF, warns SJB
SJB Colombo District MP Dr. Harsha De Silva told the media yesterday that the Surcharge Tax Bill contained provisions applicable to the Employees Provident Fund (EPF).
The Gazette containing the relevant bill on the Surcharge Tax was published yesterday.
According to the bill, the Surcharge Tax will be levied on any individual, partnership, or company, whose taxable income calculated in accordance with the provisions of the Inland Revenue Act, No. 24 of 2017, exceeds rupees two thousand million, for the year of assessment commencing on April 1, 2020, at the rate of twenty-five percent, Dr De Silva said.
According to the definition of the Inland Revenue Act, a company is included in the definition of a provident fund, a pension fund, a pension gratuity fund, or a similar fund, Dr. de Silva said, noting that the bill would pave the way for 25% Surcharge Tax to be levied on multiple funds including the EPF.
(Source: The Island)
Latest Headlines in Sri Lanka
- Sri Lanka imports test kits to detect Nipah virus September 22, 2023
- Import tax on powdered milk increased September 22, 2023
- Sri Lanka President’s robust economic development program leads to 62.1% drop in inflation – Minister September 22, 2023
- Sri Lanka President address at the UNGA highlighting Sri Lanka’s journey to rebuild trust and global solidarity September 22, 2023
- Hearing of Danushka Gunathilaka’s case concludes, verdict to be delivered next week September 21, 2023
I sincerely wish this outdated economist would be silent in his ignorance.