New income tax rules on individuals from Dec., not Oct.

Tuesday, 8 November 2022 00:23 - - {{hitsCtrl.values.hits}}

The new income tax rules for individuals are to come into effect from December and not from 1 October as referred to in the Inland Revenue Amendment Bill.

Tax expert KPMG Sri Lanka Principal Suresh R.I. Perera said the change is due to the undertaking given by the Attorney General during the hearing of the multiple petitions filed in the Supreme Court under Articles 120 and 121 of the Constitution challenging the new Bill.

He said the proposed personal relief (Rs. 3 million), tax slabs (Rs. 3 million), tax rates (6%, 12% and 18%), expenditure relief (Rs. 1.2 million) would continue till 30 November subject to being pro-rated for the relevant period.