PAYE tax calculator now available online for public evaluation

Tuesday, 24 October 2023 01:14 - - {{hitsCtrl.values.hits}}

COPF Chairman Harsha de Silva’s innovative PAYE tax restructuring to raise expected Rs. 100 b while reducing rates

The Committee on Public Finance (COPF) Chairman and SJB MP Dr. Harsha de Silva has unveiled a pioneering PAYE tax restructuring proposal aimed at benefiting professionals and bolstering Sri Lanka’s economic prospects.

Under this initiative, a comprehensive tax calculator is now accessible to the public, allowing citizens to understand and evaluate the proposed changes.

The tax calculator allows the public to compare the existing tax structure, which reaches up to 36%, with the proposed reforms that limit the maximum rate to 24% including a surcharge for persons earning over Rs. 750,000. This tool is a vital resource for understanding the potential benefits and implications of these changes.

Of particular significance is the anticipated revenue generation. While the current tax structure is expected to raise Rs. 100 billion, Harsha’s innovative reforms maintain that target while simultaneously reducing tax rates. This restructured approach aims to alleviate the tax burden on professionals while retaining their valuable skills within Sri Lanka.

“Our mission is to ensure fair taxation while retaining our top talent within Sri Lanka. This tax restructuring proposal marks a turning point in Sri Lanka’s economic journey, illustrating our commitment to securing a prosperous future for our citizens,” de Silva said.

For a comprehensive exploration of this crucial proposal, MP Harsha cordially invites the public and media to delve into the extensive details presented in his recent speech, ‘Remodelling Sri Lanka’s Tax System: Proposals for a Fairer Future’ which is accessible at: (https://www.youtube.com/watch?v=fTZRXD9O1AQ).

IRD announces refund of Advanced Income Tax deducted on interest for senior citizens