|Sri Lanka personal income tax now very low|
New income tax rates
The Secretary to the Treasury Dr P B Jayasundera said, Sri Lanka’s personal income tax rates are now very low and eligible persons should start paying taxes voluntarily.
Sri Lanka is becoming a service economy made up of self-employed and professionals working in legal, healthcare, education or information technology and income tax payments had to be voluntary.
Income up to 50,000 rupees a month was completely exempt and those earning up to 100,000 has to pay only 2%,P B Jayasundera said.
politicians,doctors, lawyers and other professional were now beginning to pay income taxes voluntarily.
Under Sri Lanka’s pay as you earn scheme (PAYE) a person with 100,000 rupee of income has to pay 2333 rupees a month. A person earning 150,000 rupees has to pay 7,000 rupees and a person earning 200,000 has to pay 14,000 rupees a month.