Written by Zulfick Farzan
08 Feb, 2022 | 5:43 pm
COLOMBO (News 1st): The Sri Lankan Government is preparing to include articles into the Surcharge Tax Bill, which will also include the Employees Provident Fund and the Retirement Gratuity.
The relevant bill on the Surcharge Tax was published via gazette on Monday (7).
Leader of the Opposition Sajith Premadasa on Tuesday (8) requested the government to withdraw the Gazette Notification pertaining to including the Employees Provident Fund and the Retirement Gratuity Fund in the Surcharge Tax Bill.
He claimed that by imposing a 25% surcharge the government is attempting to secure Rs.65 billion from the working class.
According to the bill, the Surcharge Tax will be levied from any individual, partnership or company, whose taxable income calculated in accordance with the provisions of the Inland Revenue Act, No. 24 of 2017, exceeds rupees two thousand million, for the year of assessment commencing on April 1, 2020, at the rate of twenty-five percent.
According to the definition of the Inland Revenue Act, a company is included in the definition of a provident fund, a pension fund, a pension gratuity fund, or a similar fund.
The Opposition Leader requested Minister of Finance Basil Rajapaksa to state the EPF and the Retirement Gratuity Fund will not be included in the Surcharge Tax Bill.
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