Income tax bill: Citizens allowed to raise objections within first 14 days

COLOMBO (News 1st) - The new Income Tax Amendment Bill was presented to the Parliament last Friday (21), which provided an opportunity to levy income tax from 6% to 36% for people whose monthly income exceeds Rs. 100,000.

According to these amendments, income tax will be charged at the existing rate for the first 6 months of this financial year up to 30 September.

However, the Government has proposed to implement the new income tax rates from October 1st.

Many factions say that the new Income Tax Amendment Bill submitted by the Government to Parliament will lead to the downfall of the country's small and medium scale businesses, as well as the lives of the common people.

They point out that this tax will increase poverty within the country.

According to the amendment, taxes will increase under 6 categories for every 41,666 rupees and 67 cents which increase over Rs. 100,000.

It ranges from 6% to 36%.

Scholars and politicians say that considering the devaluation and inflation of the currency in the recent period of time, the income tax proposals proposed in this bill should be reconsidered..

Any citizen has the right to go to the Supreme Court to raise objections to the bill within the first 14 days of it being submitted to the Parliament.