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ஜெனரல்
In his parliamentary speech on December 18, 2024, the President announced key tax policy changes:
PAYE Tax: The tax-free threshold was raised from LKR 100,000 to LKR 150,000.
Personal Income Tax (PIT): The first band, taxed at 6%, was extended from LKR 600,000 to LKR 1 million.
VAT Exemptions: Yogurt and other dairy products were exempted from Value Added Tax (VAT).
Export Service Tax: The export service tax rate was reduced from 30% to 15%.
Withholding Tax (WHT): The rate was increased from 5% to 10%.
It is worth noting that Verité Research has long advocated for increasing the Withholding Tax (WHT) to promote fairness and efficiency in Sri Lanka's tax system.
To explore our recommendations on WHT,
visit: https://lnkd.in/gSHcrC_q, watch the full video on our YouTube channel: https://lnkd.in/gbdTFa6t.
Source
President’s Media Division, 'Will Ensure That the 2022-23 Crisis Never Recurs in Our Country', at https://pmd.gov.lk/news/will-ensure-that-the-2022-23-crisis-never-recurs-in-our-country/ [last accessed 19 December 2024].
