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ගවේෂණය කරන්න
විදසුන්
Sri Lanka’s new personal income tax structure reduces tax burden across income groups
In his recent address to Parliament, the President announced proposed reforms to Sri Lanka’s Personal Income Tax (PIT) system. These changes include raising the tax-free monthly income threshold from LKR 100,000 to LKR 150,000, as well as adjusting the tax brackets to offer substantial savings for taxpayers. At the same time, these proposals reinforce Sri Lanka’s position as one of the region’s least taxed countries for lower-income earners. Although the President did not outline the precise tax rates for each bracket, PublicFinance.lk has estimated the new rates and brackets based on the proposed reductions upto LKR 300,000 per month. Exhibit 1 below summarises these revised tax brackets and corresponding rates. Exhibit 1: Revised tax brackets and corresponding rates Monthly Income Current Slabs Proposed Slabs Tax Rate (%) Lower Boundary Upper Boundary Lower Boundary Upper Boundary Up to 100,000 Up to 150,000 0% 100,000 141,667 150,000 233,333 6% 141,667 183,333 12% 183,333 225,000 233,333 275,000 18% 225,000 266,667 275,000 316,667 24% Sources: Inland Revenue Department of Sri Lanka, President’s Media Division Sri Lanka already provides the highest tax-free threshold and a comparatively lower tax burden for low-income earners than most other South Asian countries, with the exception of the Maldives. In a previous blog, PublicFinance.lk noted that Sri Lanka’s current tax-free income threshold of LKR 100,000 per month is higher than those in Bangladesh (LKR 75,682), Pakistan (LKR 54,710), and India and Bhutan (approximately LKR 91,000). However, while income earners below LKR 250,000 per month enjoy relatively low tax obligations, the burden beyond this amount rises sharply to the highest in the region.
විදසුන්
Sri Lanka’s new personal income tax structure reduces tax burden across income groups
In his recent address to Parliament, the President announced proposed reforms to Sri Lanka’s Personal Income Tax (PIT) system. These changes include raising the tax-free monthly income threshold from LKR 100,000 to LKR 150,000, as well as adjusting the tax brackets to offer substantial savings for taxpayers. At the same time, these proposals reinforce Sri Lanka’s position as one of the region’s least taxed countries for lower-income earners. Although the President did not outline the precise tax rates for each bracket, PublicFinance.lk has estimated the new rates and brackets based on the proposed reductions upto LKR 300,000 per month. Exhibit 1 below summarises these revised tax brackets and corresponding rates. Exhibit 1: Revised tax brackets and corresponding rates Monthly Income Current Slabs Proposed Slabs Tax Rate (%) Lower Boundary Upper Boundary Lower Boundary Upper Boundary Up to 100,000 Up to 150,000 0% 100,000 141,667 150,000 233,333 6% 141,667 183,333 12% 183,333 225,000 233,333 275,000 18% 225,000 266,667 275,000 316,667 24% Sources: Inland Revenue Department of Sri Lanka, President’s Media Division Sri Lanka already provides the highest tax-free threshold and a comparatively lower tax burden for low-income earners than most other South Asian countries, with the exception of the Maldives. In a previous blog, PublicFinance.lk noted that Sri Lanka’s current tax-free income threshold of LKR 100,000 per month is higher than those in Bangladesh (LKR 75,682), Pakistan (LKR 54,710), and India and Bhutan (approximately LKR 91,000). However, while income earners below LKR 250,000 per month enjoy relatively low tax obligations, the burden beyond this amount rises sharply to the highest in the region.
විදසුන්
Sri Lanka’s new personal income tax structure reduces tax burden across income groups
In his recent address to Parliament, the President announced proposed reforms to Sri Lanka’s Personal Income Tax (PIT) system. These changes include raising the tax-free monthly income threshold from LKR 100,000 to LKR 150,000, as well as adjusting the tax brackets to offer substantial savings for taxpayers. At the same time, these proposals reinforce Sri Lanka’s position as one of the region’s least taxed countries for lower-income earners. Although the President did not outline the precise tax rates for each bracket, PublicFinance.lk has estimated the new rates and brackets based on the proposed reductions upto LKR 300,000 per month. Exhibit 1 below summarises these revised tax brackets and corresponding rates. Exhibit 1: Revised tax brackets and corresponding rates Monthly Income Current Slabs Proposed Slabs Tax Rate (%) Lower Boundary Upper Boundary Lower Boundary Upper Boundary Up to 100,000 Up to 150,000 0% 100,000 141,667 150,000 233,333 6% 141,667 183,333 12% 183,333 225,000 233,333 275,000 18% 225,000 266,667 275,000 316,667 24% Sources: Inland Revenue Department of Sri Lanka, President’s Media Division Sri Lanka already provides the highest tax-free threshold and a comparatively lower tax burden for low-income earners than most other South Asian countries, with the exception of the Maldives. In a previous blog, PublicFinance.lk noted that Sri Lanka’s current tax-free income threshold of LKR 100,000 per month is higher than those in Bangladesh (LKR 75,682), Pakistan (LKR 54,710), and India and Bhutan (approximately LKR 91,000). However, while income earners below LKR 250,000 per month enjoy relatively low tax obligations, the burden beyond this amount rises sharply to the highest in the region.
විදසුන්
Sri Lanka’s new personal income tax structure reduces tax burden across income groups
In his recent address to Parliament, the President announced proposed reforms to Sri Lanka’s Personal Income Tax (PIT) system. These changes include raising the tax-free monthly income threshold from LKR 100,000 to LKR 150,000, as well as adjusting the tax brackets to offer substantial savings for taxpayers. At the same time, these proposals reinforce Sri Lanka’s position as one of the region’s least taxed countries for lower-income earners. Although the President did not outline the precise tax rates for each bracket, PublicFinance.lk has estimated the new rates and brackets based on the proposed reductions upto LKR 300,000 per month. Exhibit 1 below summarises these revised tax brackets and corresponding rates. Exhibit 1: Revised tax brackets and corresponding rates Monthly Income Current Slabs Proposed Slabs Tax Rate (%) Lower Boundary Upper Boundary Lower Boundary Upper Boundary Up to 100,000 Up to 150,000 0% 100,000 141,667 150,000 233,333 6% 141,667 183,333 12% 183,333 225,000 233,333 275,000 18% 225,000 266,667 275,000 316,667 24% Sources: Inland Revenue Department of Sri Lanka, President’s Media Division Sri Lanka already provides the highest tax-free threshold and a comparatively lower tax burden for low-income earners than most other South Asian countries, with the exception of the Maldives. In a previous blog, PublicFinance.lk noted that Sri Lanka’s current tax-free income threshold of LKR 100,000 per month is higher than those in Bangladesh (LKR 75,682), Pakistan (LKR 54,710), and India and Bhutan (approximately LKR 91,000). However, while income earners below LKR 250,000 per month enjoy relatively low tax obligations, the burden beyond this amount rises sharply to the highest in the region.
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Sanitary Napkins: Subjected to Unreasonably High Taxes
The total tax burden on Sanitary napkins is 47.1%, this is significantly higher than the tax burden of selected non-essentials items, gold jewelry, raw silk, golf clubs and golf balls and military artill...
2024-03-07
විශ්ලේෂණය බලන්න
ඉටුකම කොවිඩ්-19 අරමුදලෙන් රජය වැය කර ඇත්තේ 10.6% ක් පමණි
2020 මාර්තු 23 වන දින ජනාධිපති ගෝඨාභය රාජපක්ෂ විසින් “ඉටුකම” කොවිඩ්-19 සෞඛ්ය හා සමාජ ආරක්ෂණ අරමුදල ආරම්භ කරන ලදී. අරමුදලේ අරමුණ වූයේ “රට තුළ කොවිඩ්-19 වෛරසය පැතිරීම පාලනය කිරීම සහ ඒ ආශ්...
2022-01-10
විශ්ලේෂණය බලන්න
Budget 2022: Health Sector
The Budget 2022 debate for the Ministry of Health is happening today (30th November 2021).
2021-11-30
විශ්ලේෂණය බලන්න
Health Sector Allocations, 2018 to 2021
The 2021 Sri Lankan Budget has allocated LKR 223,285 Mn towards the health sector. This is a decrease compared to 2020 but an increase compared to 2019. Here is a breakdown of health sector allocations from 2018 to 2021. Click on the ministries each year to...
2020-11-19
විශ්ලේෂණය බලන්න
2016 අයවැයෙහි අධ්යාපනය සහ සෞඛ්යය: රාජ්ය පාලනය ගැන සුභ පෙරනිමිති නොකියන මහා පොරොන්දු
අයවැයේදී සිත් ඇදගන්නා පොරොන්දු දීම ආණ්ඩුවල පුරුද්දකි. රැකීම කොයි හැටි වෙතත් පොරොන්දු දීම හරිම ලේසි කටයුත්තක් බව අයවැය අතීතය අපිට පෙන්වා දී ඇත. දැන් පවතින ආණ්ඩුවට තමන්ගේ අයවැය පොරොන්දු රැකගන්නට හැකියාවක් ලැබෙනු ඇත්තේ ද ඉලක්ක කරගත් බදු ආ...
2015-11-30
විශ්ලේෂණය බලන්න
