Inland Revenue (Amendment) Bill published

12 October 2022 10:20 am Views - {{hitsCtrl.values.hits}} 15 Bookmark

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The Government Printer has published the Inland Revenue (Amendment) Daraft Bill yesterday.

The gazette has been issued by the Minister of Finance, Economic Stabilization and National Policies to amend the Inland Revenue Act, No.24 of 2017.

In Sinhala

Comments - 15

Patriot Wednesday, 12 October 2022 12:06 PM

Personal Tax-free threshold Rs.1.2m is too low compared to depreciation of currency by nearly 100% and high inflation 70-80% . Ultimately there will be no savings if one is earning Rs100000 per month. Tax Free threshold should at least Rs3.0mn per annum.

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TAX PAYER SINCE 1975 Wednesday, 12 October 2022 12:58 PM

WE INDIVIDUAL INCOME TAX PAYING [IIT] FILE HOLDERS NUMBERING A LITTLE OVER ONE HUNDRED THOUSAND OUT OF A TOTAL POPULATION OF 22 MILLION WILL END UP BECOMING WORSE THAN BEGGARS ON THE STREET.

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Amila Wednesday, 12 October 2022 01:06 PM

This is the last nail on coffin to the educated middle and upper middle income income tax payers. Only option will be migration.

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Sanjeewa Wednesday, 12 October 2022 01:40 PM

Agreed. 36% direct tax rate for people who earns more than 210,000 monthly(additionally you have to pay non direct taxes). Why should people work hard? As you mentioned only option is the migration, but it will impact the country.

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Down the prices Wednesday, 12 October 2022 05:57 PM

All talk, when you can find a place which can will accept you, you can talk about migration. Too many so called middle income think they can really migrate but they aren't actually considered good enough/capable enough/qualified enough by Western Democracies.

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Athk69 Wednesday, 12 October 2022 02:07 PM

The people who remain in the country will be the cattle and their rulers. There won't be a middle income category. Only the ultra poor and a set of idiotic rulers

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INCOME TAX PAYING ELDER Wednesday, 12 October 2022 02:40 PM

STUPIDITY - Introducing Tax in the middle of a financial year, effective immediately. Refer to new Taxes introduced in New Zealand, today - They will become effective 2025 - three more years to go. Some of us elders in Sri Lanka are in a fix. Our sole income of Rs..350,000 per month is as house rent It is 4.2 Million Rupees for the year. With our Medical Insurance annual premium payment and other Charities under qualifying payments, we are within the Rs. 3Million Rs 1.2 Million threshold as there is a deduction of 25% of the rent allowable for Rates payable

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Down the prices Wednesday, 12 October 2022 05:59 PM

You are rich. You must be taxed! If you don't want to earn money, just sell your income making assets and use it up for the next fifty years, which I suppose you believe you'll actually manage to do.

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Gune Wednesday, 12 October 2022 03:21 PM

The elders live on interest that receive from banks. If you receive interest in month of February next year how you are suppose to pay income tax in this year. If it is withholding tax the person does not feel it as he pays when you get the interest. But here to are expected to pay tax for the money that is pending in future. If it is income tax you have have an income and on that you pay. This system is not realistic.

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Down the prices Wednesday, 12 October 2022 06:00 PM

Too many so-called elders are playing the system. About time they are caught in their gaming the system. They'll try have complaint to try get out of paying their fair share of tax, and instead want the still working to pay a greater burden. No thank you, if you live, and have enough income you get taxed!

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Nuwan Wednesday, 12 October 2022 05:15 PM

They have left the educated middle class youth with only one option : migrate

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Against subsidy for religion Wednesday, 12 October 2022 06:05 PM

Please migrate if you are capable. This country is too full of the complaining and whining no good unproductive to society burdens who will try any and every trick to not pay what they must as tax. The effect of their trying to exploit loop hole will not only effect youth, and children still in school, but those still going to be born. Elderly here like the Thera/religious places quite happy to cause losses unto others, and inter-generational debt. Escape from them, go to better place, otherwise you'll be dragged down to have a worse future staying here.

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Very upset Wednesday, 12 October 2022 07:42 PM

I'm going to migrate. Tax threshold is far to low. Ridiculous. Everyone with any money will leave. At least make the withholding on interest full and final at 5% or you will have even less educated money earners left in the country.

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Fugly Thursday, 13 October 2022 04:17 AM

Ranil has mistaken the aragalaya. Aragalaya demanded system change not tax change.

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joshua Thursday, 13 October 2022 10:23 AM

keep increasing the taxes without getting rid of the robbers from the parliament and not doing anything to stop the frauds and bribes at IRD and Customs and of course the Parliament. Disgraceful lot will now lift their hands when the bill is presented while the opposition will abstain, and the bill will be passed with a good majority. Most of the 225 do not know how a direct tax system works

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