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Last Updated : 2022-07-06 20:25:00
State Minister of Finance Eran Wickramaratne and Finance and Mass Media Minister Mangala Samaraweera Pic by Pradeep Dilruckshana
Govt. may change PAYE tax formula
The government is in discussion to change the formula for the advance income tax deduction from salaries, following the increased Pay as You Earn (PAYE) tax including allowances introduced by the new Inland Revenue Act.
“We have found that some people get more non-cash benefits than cash payments. In certain instances, their salaries are not enough to deduct PAYE.
In those circumstances, we have made little changes, so that it’s comfortable for accountants to deduct the PAYE tax from the salaries,” Commissioner General of the Department of Inland Revenue Department (IRD), Ivan Dissanayake said.
In addition, Dissanayake said that IRD also proposed to reduce the 10 percent withholding tax on rent income to 5 percent.
Speaking to Mirror Business, the State Minister of National Policies and Economic Affairs, Dr. Harsha de Silva said the proposals are currently being discussed and no final decision been taken.
He said the Finance and Mass Media Ministry is expected to release a new circular on PAYE tax, shortly.
Mangala reconfirms Ranel Wijesinha’s SEC appointment
Minister Samaraweera yesterday once again confirmed the appointment of senior professional Ranel Wijesinha as the Securities and Exchange Commission (SEC) Chairman.
“I think he will be appointed in a day or two,” Samaraweera stressed.
There were rumours that Wijesingha’s appointment has been blocked at the Presidential Secretariat level.
However, Samaraweera dismissed such speculations.
“...usually we have to refer new appointments to the Presidential Secretariat. It’s just a procedural delay, that’s all,” he said.
The SEC has been without a Chairman and a Commission since January 25 with the ending of the term of the Commission led by Thilak Karunaratne.
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