Cabinet nod for tabling of Surcharge Tax Bill in P’ment

The Cabinet of Ministers on Monday approved the tabling of the Surcharge Tax Bill in Parliament following clearance from the Attorney General.

“The Attorney General’s clearance has been received for the Surcharge Tax Bill prepared by the legal draftsman,” the Government Information Department said yesterday.

The proposal to this effect submitted by Finance Minister Basil Rajapaksa was approved by the Cabinet of Ministers on Monday.

Accordingly, the Finance Minister will publish the Bill in the Government gazette which will then be submitted to Parliament.

In a bid to raise Rs. 100 billion, Finance Minister Rajapaksa mooted a retrospective one-time tax surcharge of 25% on persons and companies with a taxable income over Rs. 2 billion for FY21.

He said around 65 companies would come under the proposal, which is the second-largest (30%) new revenue measure in the 2022 Budget.