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Message: <blockquote data-quote="Don GasCan" data-source="post: 30569037" data-attributes="member: 316529"><p> <ul> <li data-xf-list-type="ul">The tax will apply if the money is brought back to Sri Lanka through the banking system. Up to now, such incomes were exempted, to encourage foreign exchange earnings.</li> <li data-xf-list-type="ul">Under changes proposed to the Inland Revenue Act on individual income tax, income up to 1.8 million rupees is exempt from tax. The next 500,000 is taxed at 6 per cent.</li> <li data-xf-list-type="ul">The earlier 12 per cent tax will be removed and the next 500,000 slab will be taxed at 18 per cent.</li> <li data-xf-list-type="ul">Foreign exchange earnings will be at 15 per cent, above the 6 per cent rate without an upper limit.</li> <li data-xf-list-type="ul">Corporates who export services are taxed only on profits after deducting expenses.</li> <li data-xf-list-type="ul">Individuals could also try to submit an income statement and charge expenses.</li> </ul></blockquote><p></p>

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