The Inland Revenue (Amendment) Bill has been gazetted to amend the Inland Revenue Act, No.24 of 2017.
According to the Gazette, the tax-free allowance has been reduced and would broaden the base of the tax net.
Thereby, any individual with gross monthly earnings of Rs. 100,000 or above would be liable for Income Tax.
The top marginal personal income tax rate is gazetted as 36%.
The move comes in the wake of a series of economic reforms Sri Lanka has committed to with the IMF, which includes tax reforms and increasing state income.
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