Finance Minister Basil Rajapaksa has assured the Cabinet of Ministers that the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) and nine other funds will be exempted from the 25 percent Surcharge Tax proposed in the 2022 Budget.
He made this assurance during this week’s meeting of the Cabinet of Ministers held on Monday under the auspices of President Gotabaya Rajapaksa.
It had been proposed in the 2022 Budget to impose a 25 percent Surcharge Tax on individuals or companies earning an annual taxable income of Rs. 2,000 million or more.
The government proposed a one-time tax surcharge of 25 percent on persons or companies with taxable income over Rs. 2 billion for the year of assessment 2020/2021. The Government hopes to raise Rs.100 billion is expected to be earned through this tax. He further said the protests by some parties on this aspect are baseless.
courtesy dailynews
