Central Bank Governor Nivard Cabraal yesterday expressed relief that the 25% one-off surcharge tax will exclude Employees Provident Fund.

“I am relieved that the tax surcharge is not imposed on the EPF,” Cabraal told the Daily FT on the side-lines of a forum held yesterday to highlight challenges and opportunities in agriculture, dairy and fishery sectors. Cabraal was the Chief Guest at the full day forum organised by the Daily FT and the Colombo University MBA Alumni Association.

Last week Opposition Leader Sajith Premadasa told in Parliament that EPF whose assets are over Rs. 3 trillion had made a Rs. 250 billion profit and if 25% surcharge tax is applied it will amount to a staggering Rs. 65 billion.

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