The Attorney General (AG) has informed the Supreme Court that the surcharge tax of 25% will not be charged on the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF).
The Surcharge Tax Bill, which was presented to Parliament, was challenged in the Supreme Court.
The Supreme Court was informed today that the Bill will be amended and that the surcharge tax will not be charged from the EPF and ETF.
The Government has proposed a 25% surcharge tax on individuals or companies earning an annual taxable income of Rs. 2,000 million or more.
The Labour Ministry has already objected to the proposed tax being imposed on the EPF and ETF.
The opposition as well as the Sri Lanka Freedom Party has also objected to the tax. (Colombo Gazette)