Rs 622 billion earned in 2019 through VAT, PAYE tax : Finance Minister

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The government has earned close to Rs 622 billion through Value-Added Taxes (VAT) and PAYE taxes so far this year, Finance Minister Mangala Samaraweera said today (Oct 17).

Addressing a news conference, the Finance Minister pointed out that the current government is currently levying a VAT of 15 percent on imported goods, and PAYE tax from an employee who earns Rs 100,000.

Accordingly, he said that the government has earned Rs 530 billion through VAT and Rs 62 billion by levying PAYE taxes, this year.

Minister Samaraweera, stated that the government, in its next budget, would increase the limit required to pay PAYE tax up to Rs 125,000.

(Reporting by Damith Wickramasekara)

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