Personal income tax likely to come in to force from Nov 1

22 October 2022 01:29 pm - 46 - {{hitsCtrl.values.hits}}

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The newly-gazetted personal income tax will be implemented from November 1, after the approval by the Finance Committee of the Parliament and the signature of the Speaker.

Minister Ranjith Siyambalapitiya said this while speaking at a press conference in Ruwanwella. Earlier, a gazette notification was issued amending the Inland Revenue Act.

Accordingly, any individual with gross monthly earnings of Rs. 100,000 or above, would be liable to pay Income Tax. The top marginal personal income tax rate is gazetted as 36%.

Comments - 46

Gopinathan Saturday, 22 October 2022 01:37 PM

A True Reason country will be Abandon in few years by many people

Mr Mentally Weakened Saturday, 22 October 2022 09:10 PM

In the long term we are better off when people who don't want to pay tax people leave. Wherever they go to an advanced country they'll be taxed. Some country even have law so their citizen going to Middle East still has to pay income tax to their home country, even if they are not taxed in the country of their earnings.

John Fernando Sunday, 23 October 2022 05:52 AM

Only the Rajapassa/Wickie clan will survive with ultra nationalists in this thrice blessed land.

I am patriot Sunday, 23 October 2022 03:50 PM

Go away all who don't want to pay tax. We still has extremely low income tax too. Properly democratic country have much higher income tax rates!

Citizen k Saturday, 22 October 2022 02:29 PM

This should include all also the fat cats in the corporate world and parliament.

Ron Sunday, 23 October 2022 07:22 AM

This should include Government SERVANTS

I am patriot Sunday, 23 October 2022 03:51 PM

Fattest cats are those who earn more than Rs 100,000 working in government and pay no tax. All other democratic country will tax private and government paid persons at same tax rates. Not is Sri Lanka, burden on income tax completely on those outside of the government paid work.

Gunapala Saturday, 22 October 2022 02:57 PM

Why can't the government reduce the expenditure and maintain the required gap between the income and expenditure rather than squeeze the wage earner. Easily reduce ministries, backup vehicles and save on fuel bill as well.

Adwani Saturday, 22 October 2022 03:07 PM

Now if we make a count on Governments gazettes, the amount of gazettes issued will be more than the HR Jothipala and Mohideen Baig's cassettes.

Foreigner Saturday, 22 October 2022 03:28 PM

Only the beggars will remain in the country, while the rest will emigrate. When the income is stagnant, who can pay taxes like this?

sam Saturday, 22 October 2022 04:05 PM

Please tax all citizens of the country irrespective of where they work

Ram Saturday, 22 October 2022 04:10 PM

This tax policy is to collect enough money for the government to meet the local expenses. The percentage of tax can be reduced if the vehicles free housing with some services paid for, the security etc are withdrawn from the Ministers and where relevant from MPs. That will help all of us

Shehenaz Dharmaratne Saturday, 22 October 2022 04:31 PM

Totally unethical legislature must consult the General Public before implementing such taxes. In other wards why General Public should pay for others welfare,

Willow Drive Saturday, 22 October 2022 05:01 PM

What about the earnings of PP, some earns more than 100g a day but no records, need a mechanism to tap such high earnings

Bande Saturday, 22 October 2022 05:34 PM

We are paying for looters to loot more and more

Public licking bones! Saturday, 22 October 2022 06:54 PM

Can you fix a limit to total fringe benefits enjoyed by MPs and Ministers? There seems to be no limit to their income every cent of it is being met by Public fund. Further, can you ensure they pay their Electricity bills in time? They are just oblivious to these bills. They should not be treated like LAP DOGS, enjoying all the biscuits while the public is forced to lick bones.

Percy Wijenayake Saturday, 22 October 2022 06:55 PM

Welcome news, next implement a tax file to every individual for the Employer to send the wage income statement to Inland Revenue with copy to employee for his returns to include other income from investments.

tilak Saturday, 22 October 2022 06:58 PM

does this apply to 225 looters

Sarath Silva Saturday, 22 October 2022 07:50 PM

Why all those elected parliamentarians including president, elected provincial council members, government employees including doctors and other professionals, and employees of all government corporation (Petroleum, electricity board , port authority, and all semi-government) and all university employees are exempted from personal income tax. Why Central bank and other state banks are paying personal income tax of their employees, irrespective of high salary (pension) , bonus , and taxable benefits like medical benefits , subsidized housing loan and vehicle loan, subsidized meals etc. These people also get duty free vehicle permits. Under collective agreement they increase their salary and pensions arbitrarily . As a result, profits transfers to government from these banks are reduces. ONLY PRIVATE SECTOR EMPLOYEES AND LARGE CORPORATE SECTOR PAY TAX? CBSL governor and Treasury secretary are retired central bankers getting over $800K as monthly pension but do not pay any income tax.

Kadu Karaya Sunday, 23 October 2022 09:11 PM

Excellent points of the burden on the public put on by current and previous government paid employees... and don't forget the military, the high paid general and so on! The higher paid police officers too... they also avoid any tax when they are paid more than 100,000 a month!

johan Saturday, 22 October 2022 07:59 PM

Why can't they recover the looted money by politicians and officials through a Special court for Financial Crimes and set off against budget deficit.Civil courts take more time to finish the cases by the time fraudsters find escape route

Concerned Citizen Saturday, 22 October 2022 09:45 PM

Government has to go after the non tax payers like rich businesses (i.e Pettah importers), professionals like rich doctors

Tissa Fernando Saturday, 22 October 2022 10:34 PM

Taxes are OK as long as tax money is efficiently used. But now the politicos will have more money to rob. Dan Sepada?

Athk69 Saturday, 22 October 2022 10:57 PM

ATTENTION FINANCE COMMITTEE! Even the parliament members must declare all of their assets and pay income tax for all of their cumulative earnings which cross the 100k amount. All allowances, benefits etc... must be added to the calculation. Let's see their reaction when they realise what their take home salary would be, after all tax deductions...

Aram Saturday, 22 October 2022 10:58 PM

It's not fair putting tax on one lakhs because one lakh is not a big money due to inflation. Those who earn one million can be taxed

Taxes for Prosperity Saturday, 22 October 2022 11:07 PM

Paying taxes is vital for any country. Its used to fund all publicly-funded services. SL has been living beyond its means. Eg.SL railway has to do away with the wasteful free warrants to teachers etc, to be viable. Govt owned Indian Railways is doing an exemplary service because people pay higher taxes with their hard earned money. Sri Lanka Income Tax: 24.00% Sales Tax: 8.00% Corporate Tax: 24.00% Canada Income Tax: 33.00% Sales Tax: 5.00% Corporate Tax: 26.00% USA Income Tax: 37.00% Corporate Tax: 21.00% India Income Tax: 42.00% Sales Tax: 18.00% Corporate Tax: 25.00% China Income Tax: 45.00% Sales Tax: 13.00% Corporate Tax: 25.00% UK Income Tax: 45.00% Sales Tax: 20.00% Corporate Tax: 19.00% Australia Income Tax: 45.00% Sales Tax: 10.00% Corporate Tax: 30.00

Go Home Saturday, 22 October 2022 11:11 PM

This income tax is reasonable. In other countries people pay tax on every dolkar earned

Nihal S Sunday, 23 October 2022 12:56 AM

Siyambalapitiya, you are one of those living on tax payers money and helping corruptions. You have some education, go and find a job rather than being a burden on the tax payers. Thank you.

Tax Comparision Sunday, 23 October 2022 01:38 AM

In this world nothing can be said to be certain, except death and taxes. The Tax comparision site, worldpopulationreview.com/country-rankings/highest-taxed-countries

Kadu Karaya Sunday, 23 October 2022 09:13 PM

Thanks for sharing.

Sanath Perera Sunday, 23 October 2022 03:47 AM

Compared to other countries Rs 100,000 threshold is too high. Making anyone with gross monthly earnings of Rs. 50,000 or above to pay income would have broaden the tax base. Also, the marginal tax rate of 36% is too low. Should be increased to 50%.

citizen Sunday, 23 October 2022 05:44 AM

these asshles are just robbing peoples money left right and centre and a lot of others including some in the media are helping them looks like to me. Its not tazes that is going to help the people

Arnold Sunday, 23 October 2022 06:13 AM

We pay when the stolen billions are returned.

Samantha Hetti Sunday, 23 October 2022 09:21 PM

Best if MPs create law so they can't do private business dealings with anyone getting any sort of government contract, even in local government. However, because our MPs and parliament is corrupt, they will never do that. They are too active complaining about dual citizens, for show, while behind the scenes figuring how better to make money with agreements through supplier and tenderer!

Kumar Sunday, 23 October 2022 07:17 AM

No problem for CEB employees because the CEB will pay their income tax as in the past. Expect another rate hike?

Tupac Sunday, 23 October 2022 08:45 AM

At a time where inflation is at its peak its really unfair to bring this tax at this moment of time!! At least cut this tax rate by 50% otherwise people will suffer more!! Imagine person earning more than 100,000 a monthly tax of 6000 ?? That almost a price of a gas cylinder!! RW we had so much hope when u took this job !! Don't just dance to IMF conditions blindly !!

Krishan Sunday, 23 October 2022 10:48 AM

Sooner all most every skill workers will be out of the country. Without expanding the tax base policy makers are trying to tax those who is already in the system. Innocent people get punished for those who put the country into this position

Kadu Karaya Sunday, 23 October 2022 09:16 PM

The government paid persons earning over the Rs. 100,000 are not taxed! They will happily stay in that work, as everyone else outside earning more than 100,000 will soon take less home a month. The government paid buggers also get their wages and pension through printed money, main cause of inflation too.

sam Sunday, 23 October 2022 12:53 PM

All citizens irrespective of where they work or earn should pay tax.

Tax payer Sunday, 23 October 2022 07:32 PM

In foreign countries people pay more tax but they earn more too so they can well afford to pay those taxes. But in Sri Lanka the story is different as we all know. In other countries the tax money is put to good use too for the benefit of the public.

dinesh Monday, 24 October 2022 11:22 AM

so people are to sit back and shut up and take it lying down??

sam Monday, 24 October 2022 01:11 PM

What is special about Nov 1. It should be the tax year which is April 1.

Martin Milton Monday, 24 October 2022 03:37 PM

All these laws can be passed, BUT the Tax Department is so ineffective that it fails to collect due Taxes from tax payers. Especially the 'high flyers' ! Hence the Tax Dept needs to be completely overhauled. MM

Gamage Monday, 24 October 2022 04:25 PM

Why the government servants not paying taxes? In addition to the daily bribes scooped from public to attend to any work?

NightOwl Monday, 24 October 2022 05:13 PM

The tax is prohibitively expensive as anyone earning more than $1,000 will have to pay 36% in taxes. In other words, if we factor in the EPF

“ The Lansi Burgher Gent “ Tuesday, 25 October 2022 05:56 PM

Too much of something is good for nothing they say. Too many taxes on the business community and they would pack up and leave. That would leave us “down the pallang” for sure. These SOEs would stifle and drown us in the end. Better worry about them first and cut down on their losses and spending, than going pell-mell with the taxes, guys.

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Personal income tax likely to come in to force from Nov 1

Comments - 46

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