The government has proposed to the International Monetary Fund (IMF) an adjustment to the Personal Income Tax slabs from Rs. 500,000 to Rs. 720,000, following the strong performance in tax revenue the country made this year, the Presidential Secretariat said.
The move is aimed to provide relief to mid-level taxpayers affected by recent tax reforms.
IMF has provided suggestions to this proposal, including offering more substantial relief to taxpayers in the lower income brackets, maintaining similar levels of relief for mid-level earners as proposed, and slightly reducing the extent of relief for higher-income earners, the Secretariat said in a statement.
“These changes aim to provide a balanced approach that retains the core objective of the government's proposal while enhancing its impact on those most in need,” the statement from the Secretariat said.
The Finance Ministry has released full details of the removal of the suspension on Importation of Motor Vehicles.
Speaker Ashoka Ranawala whose educational qualifications have been questioned has decided to step down from the post of Speaker
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