EPF and ETF will not be subjected to 25% Surcharge Tax: Basil

15 February 2022 11:20 am - 7 - {{hitsCtrl.values.hits}}

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Finance Minister Basil Rajapaksa yesterday assured the Cabinet that the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) and nine other funds will be exempted from the one-time tax surcharge of 25% as proposed in the 2022 Budget.

In the 2022 Budget, it has been proposed to impose a 25% Surcharge Tax on individuals or companies earning an annual taxable income of Rs. 2,000 billion or more.

“In my 2022 budget speech, I clearly stated that a one-time surcharge of 25 percent would be levied on individuals or companies earning more than Rs. 2,000 billion in taxable income for the assessment years 2020 and 2021,” he told a private TV channel last evening.“we expect to earn around Rs. 100 billion from this tax. This is what is on page 68 in the budget. Apparently we were expecting 100 billion at that time and by that time we had identified 69 companies and individuals. When we calculate those 69 companies and individuals we will be able to collect Rs. 105 billion,” he said.

Comments - 7

ravin Tuesday, 15 February 2022 12:09 PM

Thousands and thousands of ETF and EPF members, never trust politicos. Keep close watch on your retirement benefits.

N SENA Tuesday, 15 February 2022 12:11 PM

WHY DID BASIL WAIT SO LONG TO MAKE THIS ANNOUNCEMENT?

joshua Tuesday, 15 February 2022 12:12 PM

you can say anything in a budget speech. But your draft bill clearly includes provident funds as a liable person. Further, you stated that only individuals and companies with over Rs2000 Bn income would be liable and now you have slowly slipt in group companies also. You never walk the talk.

Econ-Mutt Tuesday, 15 February 2022 12:36 PM

Increasing it to 50%!!!

Sambo Tuesday, 15 February 2022 01:13 PM

Why say things you cannot implement. Please think before you talk or issue statements.

guru Tuesday, 15 February 2022 04:33 PM

tanks opposition, JVP, media, civil society activists for saving our retirement savings

tilak Tuesday, 15 February 2022 04:33 PM

22M-6.9M will be unhappy

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EPF and ETF will not be subjected to 25% Surcharge Tax: Basil

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