• Wed. Jul 24th, 2024

25% one-time income tax on 62 individuals and companies with over Rs. 2 billion turnover proposed in the budget 2022

Sri Lanka’s Government proposed to impose a one-time surcharge tax of 25 percent on 62 individuals and companies with an annual turnover of more than Rs. 2 billion in the budget 2022.

Delivering the 2022 budget speech at the Parliament today, the Minister of Finance, Basil Rajapaksa announced the one-time tax with a target to generate Rs. 100 billion to the State Coffers.

The one-time tax is expected to push corporate tax income above 50 percent in the coming years for these entities.

The listed entities have seen record revenues and earnings since last year.

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