Written by Zulfick Farzan
23 Feb, 2022 | 10:34 am
COLOMBO (News 1st); The Samagi Jana Balavegaya, one of the main opposition factions in Sri Lanka has filed a special petition with the Supreme Court challenging the proposed Surcharge Tax Bill that was presented to Parliament.
The Government on Tuesday (22) presented the proposed Surcharge Tax Bill to Parliament.
The special application challenging the Bill was submitted by the General Secretary of the Samagi Jana Balavegaya and it seeks a Supreme Court ruling to term the Bill as inconsistent with the constitution.
The Bill, which imposes a retrospective one-time surcharge tax of 25% on persons and companies with a taxable income over Rs. 2 billion for the year 2020/2021, was presented by Leader of the House Minister Dinesh Gunawardena on Tuesday (22).
The Bill was drafted in keeping with the proposal in the 2022 Budget to impose a one-off 25% surcharge tax on individuals or companies earning taxable income more than Rs. 2 billion for the assessment year 2020/2021.
Concerns were voiced by experts, opposition politicians as well as members of the government itself that the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) would also be subjected to the surcharge tax.
Sri Lanka’s Finance Minister Basil Rajapaksa on 14th Debruary. assured the Cabinet of Ministers that the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) as well as 9 other funds will be exempted from the 25% Surcharge Tax proposed in the 2022 Budget.
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