Advanced Personal Income Tax nets Rs. 26 b in 1Q

Thursday, 6 April 2023 01:06 - - {{hitsCtrl.values.hits}}

The contentious Advanced Personal Income Tax (APIT) has racked in nearly Rs. 26 billion in the first quarter, according to the Inland Revenue Department.

It said that the highest collection had been in March to the tune of Rs. 12 billion whilst in February it was Rs. 10.5 billion and Rs. 3 billion in January.

Inland Revenue Commissioner General D.R.S. Hapuarachchi said the APIT is seeing increased compliance judging the progressive collection.

Following the passing of Inland Revenue Bill 2022 in Parliament in December 2022, changes to APIT scheme became effective 1 January whereby if one’s salary is greater than Rs. 100,000 they will be subject to APIT.