Sri Lankan government plans to adjust personal income tax brackets
According to a statement from the Sri Lankan Presidential Office, the Sri Lankan government has proposed to the International Monetary Fund (IMF) to reduce personal income tax by adjusting the personal income tax brackets. The Presidential Office stated that the government has recommended to the International Monetary Fund to maintain the current tax-free threshold of 1.2 million rupees, while expanding the tax bracket from 500000 rupees to 720000 rupees and keeping the highest tax rate at 36%.
