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Last Updated : 2024-05-19 23:42:00
1 February 2022 05:35 pm - 5 - {{hitsCtrl.values.hits}}
The Cabinet has cleared the draft Surcharge Tax Bill, which would impose one-off 25 percent surcharge tax on individuals or companies with over Rs.2 billion income for the 2020/2021 financial year.
Finance Minister Basil Rajapaksa sought the approval of the Cabinet of Ministers on Monday for the draft bill prepared by the Legal Draftsman to be published in the government gazette and thereafter submit it to Parliament for approval.
The surcharge tax was one of revenue proposals in Budget 2022, which aimed bring in Rs.100 billion to State coffers.
“The Budget 2022 proposes to impose a one-off 25% surcharge tax on individuals or companies earning taxable income more than Rs.2000 million for the assessment year 2020/2021. The Attorney General's clearance has been received for the Surcharge Tax Bill prepared accordingly by the legal Draftsman,” The Government Information Department noted.
According to Minister Rajapaksa, the proposed one-off tax would only be applied to 62 large companies.
However, business leaders and chambers had warned that the retrospective tax could dampen investor confidence.
Arnold Tuesday, 01 February 2022 07:06 PM
I am sure most (if not all) of the politicians in the government side will be in that income bracket.
Sam Silva Tuesday, 01 February 2022 08:35 PM
So called politicians do not declare their true income.
Sam Silva Tuesday, 01 February 2022 08:33 PM
Our most revenue that is earned from various sources are spent on the politicians and appointees maintenance
Dual Citizen Tuesday, 01 February 2022 09:16 PM
So long it doesn't have to do with the cabinet, they will vote for their benefits, hell with citizen Pereras
Economist Tuesday, 01 February 2022 09:25 PM
American Airlines withdrew one olive fruit from the menu served in the airline and saved a million dollars. Can SL reduce the security given to the politicians by two police/ army/navy/ airforce personnel please.
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