Surcharge Tax Bill passed with amendments

News

The Surcharge Tax Bill was passed with amendments in Parliament this morning.

The Surcharge Tax, which was announced in the Budget 2022 presented last November, is a one-off tax where individuals and companies are taxed 25 percent on taxable incomes that exceed Rs. 2 billion.

Earlier this year the government assured that 11 funds including the Employees Provident Fund and the Employees Trust Fund have been exempted from the controversial 25 percent Surcharge Tax.

President Gotabaya Rajapaksa also arrived in Parliament this morning and attended sittings for about 15 minutes.

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