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IRB will have negative impact on Sri Lankans: Bandula

29 August 2017 06:52 pm - 7     - {{hitsCtrl.values.hits}}

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The Inland Revenue (Amendment) Bill (IRB) which is to be tabled in Parliament next week weighted in favour of foreigners and a disadvantage to Sri Lankans, MP Bandula Gunawardane said today.

He told a joint opposition news briefing that according to the new Bill, Sri Lankans working abroad would be taxed when they bring in their wealth to the country.

“However, foreigners working here will be exempted from taxes when they take away their income out of the country. This is not rational,” the MP said.

He said the Bill would adversely impact on low-income families because those who are with an annual income of Rs.600,000 would be taxed 4% of their annual income.

The MP said senior citizens and those engaged in crop cultivation would also be severely affected by the new amendments.

“Fixed Deposits, mostly maintained by senior citizens as a major source of income in the evening of their life, had also been victimized by the new taxes. The minimum withholding tax which was 2.5% for FDs would be increased to 5% while farmers and others engaged in agriculture or corp cultivation will be taxed when they obtain a bigger loan. This would be the first time a farmer will have to pay a tax for the financial concessions they receive,” he said. (By Lahiru Pothmulla)

  Comments - 7

  • palitha galapitiya Tuesday, 29 August 2017 07:38 PM

    Everyday "Katin Bathala Hitawana" Man.

    Dee Tuesday, 29 August 2017 07:43 PM

    2500/-

    ceylon Tuesday, 29 August 2017 08:01 PM

    allways foreigners saved lanka.lankans cant run a country.can run.airline.can run.a shop.all failers. via DM Android App

    Lord Ofalllords Wednesday, 30 August 2017 07:32 AM

    @ceylon .. hahaa i love your comments. mr.know it all

    GH Tuesday, 29 August 2017 11:59 PM

    Criticizing former regime is not a legal license for incumbent government to loot the TREASURY!

    Mr.Man Wednesday, 30 August 2017 10:33 AM

    We strongly warn the government, keep your hands off the EPF.

    Park Wednesday, 30 August 2017 06:06 PM

    What calculation did he do, is it the Bandula calculation. As we all know his additions are not correct based on his previous statemtnts.


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