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.
Former President Mahinda Rajapaksa is due to vacate his official residence at Wijerama Mawatha, Colombo this morning, a Sri Lanka Podujana Peramuna (SLPP) source said.
The Presidents’ Entitlements (Repeal) Bill was passed by a majority of 150 in parliament today. However the opposition MP’s were absent during the voting.
President Anura Kumara Dissanayake today warned that Ceylon Electricity Board Employees would have to make a choice in the next two months.
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