Little Tweaks

Government brings new proposals to compute executive perks and attract foreign currency holders to stash their cash in local banks.

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Government brings new proposals to compute executive perks and attract foreign currency holders to stash their cash in local banks. Finance Minister Sarath Amunugama says the changes are essential to ‘encourage socially responsible citizens’, but that the government was mindful that the tax system is affordable.

The maximum personal income tax will be
capped at 15 percent for those who earn in excess of Rs. 1 mn:

• Tax free allowance for
any individual to remain at Rs.300,000

• The next Rs.
300,000 to be taxed at 5 percent, the next Rs.

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200,000 at 10 percent, the
next Rs. 200,000 at 15 percen