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Wed, 22 October 2014 16:58:29
Sri Lanka personal income tax now very low: Treasury Secretary
04 Jan, 2013 16:50:55
Jan 04, 2012 (LBO) - Sri Lanka's personal income tax rates are now very low and eligible persons should start paying taxes voluntarily, Treasury Secretary P B Jayasundera said.
He said with Sri Lanka is becoming a service economy made up of self-employed and professionals working in legal, healthcare, education or information technology and income tax payments had to be voluntary.

The rates were now low was low enough to ensure compliance, he said.

Income up to 50,000 rupees a month was completely exempt and those earning up to 100,000 has to pay only 2.0 percent, he said.

"For a person earning 100,000 a month that is peanuts," Jayasundera said. "That message must go."

Jayasundera said doctors, lawyers and other professional were now beginning to pay income taxes voluntarily.

Under Sri Lanka's pay as you earn scheme (PAYE) a person with 100,000 rupee of income has to pay 2333 rupees a month. A person earning 150,000 rupees has to pay 7,000 rupees and a person earning 200,000 has to pay 14,000 rupees a month.

Jayasundera said Sri Lanka was now building roads, water supply and other infrastructure are being built and people can see the changes.

Jayasundera said now all public servants and politicians were also paying tax.

He said regional offices of the inland revenue office will give advisory services to people who walk in free of charge.

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READER COMMENT(S)
4. Ishh Jan 07
The problem is not with the amount but with the hassle, one should go through to pay taxes. If people can pay taxes easily and make the regulations clear on what to be taxed and what not be, they will eventually will pay tax.

The other thing is people do not know for what they can take a reclaim. If they know it, more people will pay taxes.

Making an online system will be really advantageous. I know it is a long shot to get everybody online, but it will pay its price eventually.

3. Miracle of Asia Jan 06
People will voluntarily pay taxes if they see and feel the benefits of it to the society.

But, if corruption and wastage eats into it....??

And most of the tax defaulters (I am sure many ministers who haven't declared their assets and source of income are included here) are supported by corrupt officials and ministers... who are taking actions against them ??

2. Tax Payer Jan 05
I hope that Dr. Jayasundara can publish the list of politicians who pay taxes and the amounts they pay per year. Also not forgetting the value of the assets they (including their family members) hold at present.

This may encourage the ordinary citizens to come and pay taxes voluntaraly, if they know how much these poor politicians own.
May be I am calling for miracles !!!!!!!!!!!!!!!!!

1. Podi Nilame Jan 04
Mr. Treasury Secretary, U high?