INCOME TAX 2022 -REN

[Dr.Droopy]

2.1 Income Tax

Income Tax revenue, in nominal terms, declined significantly by 37.3 percent or Rs. 159.5 billion to Rs. 268.2 billion in 2020 from Rs. 427.7 billion in 2019 owing to the revision of tax rates, thresholds and slabs and the impact of the pandemic. This marked a decline in income tax revenue to GDP ratio to 1.8 percent in 2020 from 3.0 percent in 2019. Revenue from income tax increased by 12.6 percent to Rs. 302.1 billion in 2021 from Rs. 268.2 billion in 2020. However, income tax revenue to GDP ratio remains low at 1.8 percent in 2021.

1. a) Personal Income Tax (PIT)

Under the tax reforms implemented, personal relief of Rs. 500,000 and employment relief of Rs. 700,000 (totalling to a relief of Rs. 1.2 million) was increased to Rs. 3 million effective from January 1, 2020. An expenditure relief up to a total sum of Rs. 1.2 million was introduced and expenses incurred during a year of assessment could be deducted as relief in arriving at the taxable income. Such expenses include health expenditure and educational expenditure incurred locally, interest paid on housing loans, contributions made to a pension scheme (other than under employer or on behalf of employer) and expenditure incurred for the purchase of equity or security (includes treasury securities, listed shares and listed financial instruments). In addition, tax slabs on taxable income were increased from Rs. 600,000 to Rs. 3 million and the maximum personal income tax rate was reduced from 24 percent to 18 percent.

The high tax exemption threshold and the expenditure relief together with the low tax rates have impacted the revenue performance in 2020 and 2021. Hence, revising PIT rates progressively would raise PIT revenue considerably. In consideration of the above, the following proposals are made.

1. Reduction of the personal relief from Rs. 3 million to Rs. 1.8 million effective from October 1, 2022.
2. Revision of Personal Income Tax Rates effective from October 1, 2022 as detailed in the table below:

Taxable Income (Rs.)	Rate (%)
First 1.2 million	4
Next 1.2 million	8
Next 1.2 million	12
Next 1.2 million	16
Next 1.2 million	20
Next 1.2 million	24
Next 1.2 million	28
On the balance	32

ඉවරයි නේද පුතා ලා ...........

 

[RoyalBlu]

drakaris. bump

 

[IMMuhandiram]

Mokeda tibbe

 

[Xbox 360]

1st 1.8 million Tax Free

 

[aruna1]

2.1 Income Tax

Income Tax revenue, in nominal terms, declined significantly by 37.3 percent or Rs. 159.5 billion to Rs. 268.2 billion in 2020 from Rs. 427.7 billion in 2019 owing to the revision of tax rates, thresholds and slabs and the impact of the pandemic. This marked a decline in income tax revenue to GDP ratio to 1.8 percent in 2020 from 3.0 percent in 2019. Revenue from income tax increased by 12.6 percent to Rs. 302.1 billion in 2021 from Rs. 268.2 billion in 2020. However, income tax revenue to GDP ratio remains low at 1.8 percent in 2021.

1. a) Personal Income Tax (PIT)

Under the tax reforms implemented, personal relief of Rs. 500,000 and employment relief of Rs. 700,000 (totalling to a relief of Rs. 1.2 million) was increased to Rs. 3 million effective from January 1, 2020. An expenditure relief up to a total sum of Rs. 1.2 million was introduced and expenses incurred during a year of assessment could be deducted as relief in arriving at the taxable income. Such expenses include health expenditure and educational expenditure incurred locally, interest paid on housing loans, contributions made to a pension scheme (other than under employer or on behalf of employer) and expenditure incurred for the purchase of equity or security (includes treasury securities, listed shares and listed financial instruments). In addition, tax slabs on taxable income were increased from Rs. 600,000 to Rs. 3 million and the maximum personal income tax rate was reduced from 24 percent to 18 percent.

The high tax exemption threshold and the expenditure relief together with the low tax rates have impacted the revenue performance in 2020 and 2021. Hence, revising PIT rates progressively would raise PIT revenue considerably. In consideration of the above, the following proposals are made.

1. Reduction of the personal relief from Rs. 3 million to Rs. 1.8 million effective from October 1, 2022.
2. Revision of Personal Income Tax Rates effective from October 1, 2022 as detailed in the table below:

Taxable Income (Rs.)	Rate (%)
First 1.2 million	4
Next 1.2 million	8
Next 1.2 million	12
Next 1.2 million	16
Next 1.2 million	20
Next 1.2 million	24
Next 1.2 million	28
On the balance	32

ඉවරයි නේද පුතා ලා ...........

Full eka share karanna

 

[Oli_Vili]

මම නම් කියන්නේ සියලු දීමනා සහිත මුළු වැටුප ආදායම් බදු නිදහස් සිමාව ඉක්මවන රජයේ සේවකයන්ද රජයට ආදායම් බදු ගෙවිය යුතුය ,

ඒ වගේම පුද්ගලික දෙස්තරලා , ටියුෂන් ගුරුවරු වගේ අය ගැන විශේෂ අවදානයක් යොදවන්න ඕන ඔවුන් බොහෝවිට නිසි පරිදි බදු ගෙවන්නේ නෑ

 

[newbieElakiri]

Full eka share karanna

https://www.newsfirst.lk/2022/05/31/sri-lanka-increases-vat-to-12-telecommunication-levy-to-15/

 

[kingkusa]

Apen badu gahala unge company walata denawa...unma kanawa eka

 

[පොඩ්ඩා]

1st 1.8 million Tax Free

ethakota chart eke thiyenne First 1.2 million walata 4% kiyala mokadda ban e harupe

 

[xing]

ethakota chart eke thiyenne First 1.2 million walata 4% kiyala mokadda ban e harupe

1.8 M limit Eka pannata passe thiyana 1st 1.2 M eke tax Eka machan 4% kiyanne

 

[newbieElakiri]

ethakota chart eke thiyenne First 1.2 million walata 4% kiyala mokadda ban e harupe

Ube annual income ekata 36 lakhs(3.6 million) kiyala gamuko


Tax eka hedenne,
First 1.8 Million tax free 3.6-1.8 = 1.8 Million to be taxed
Second 1.2 Million (This is noted as first 1.2 million as above table) 48000 is 4% of 1200000
now you have remaining 3.6 - 1.8 - 1.2 = 0.6 million
for second 1.2 Million(only you have 0.6 million) = 48000 is 8% of 600000

Total tax = 48000 + 48000 = 96000

correct me if I'm wrong, this is according to my understanding

 

[Hankook]

1.8 M limit Eka pannata passe thiyana 1st 1.2 M eke tax Eka machan 4% kiyanne

Ekiyanne yearly income eka 18 laks walata wadinam tax gewanana oneda

Personal ආදායම ද පවුලේ අදායමද

ගෙදර එක income earner කෙනෙක් හිටියොත් උගේ yearly income එක 18 ලක්ෂෙට වැඩී නම් බදු ගෙවන්න ඔනෙද

 

[xing]

Ekiyanne yearly income eka 18 laks walata wadinam tax gewanana oneda

Personal ආදායම ද පවුලේ අදායමද

Oww. Personal, eth variable allowance adala naa.

Salary Ganna ayata thamai aniwaryayen gewanna wenne.

Basic + Fixed allowances total Eka witharai balanne. Ekenuth loans, leasing ehema adu karaganna chance ekak thiyanawa.

Business, other income thiyna ayawa track karaganna amarui tikak, company ekak widiyata run wenne nathnam. Bank walata salli wateddi hari complain ekak thibboth hari thamai ahu wenne.

 

[mr.bauwwa]

ඕක ගෙවන්ඩ වෙන්නෙ අවුරුද්දක් අවසානෙද?

එහෙම නැතන්,
freegans කරන උන්ට එහෙම ඕක බලපාන්නෙ කොහොමද?
උන්ගෙ ආදායම රජයෙන් දැනගන්නෙ කොහොමද?
හැම මාසෙම ස්තිර ආදායමක් නැති උන්ට ඕක බලපාන්නෙ කොහොමද?
තව එතකොට පුද්ගලය මත යැපෙන්නන් ගණන ඕකට බලපෑමක් නැද්ද?

 

[shenat]

හරිනං income tax වැඩි කරල අනිත් බදු අඩු කරල tax evation නීති තද කරන්න ඕන එකේ මූසල නන්දෙ පොන්නයයි, මයින පොන්නයයි ඔක්කොම අනිත් පැත්තට කරේ. එහෙම කරලා රටට හිකවිල ගියේ නැත්තං තමයි පුදුම.

ප.ලි. : ඔය table එකේ තියෙන tax ලබ්බෙනුත් ඇති වැඩක් තියේද? ලංකාවෙ මිනිස්සුන්ගෙන් 2% ක් වත් ඔය දෙවෙනි tax bracket එකටවත් යන්නෙ නෑ. තනි බොරුව දිගින් දිගටම

 

[Draco Malfoy]

මම නම් කියන්නේ සියලු දීමනා සහිත මුළු වැටුප ආදායම් බදු නිදහස් සිමාව ඉක්මවන රජයේ සේවකයන්ද රජයට ආදායම් බදු ගෙවිය යුතුය ,

ඒ වගේම පුද්ගලික දෙස්තරලා , ටියුෂන් ගුරුවරු වගේ අය ගැන විශේෂ අවදානයක් යොදවන්න ඕන ඔවුන් බොහෝවිට නිසි පරිදි බදු ගෙවන්නේ නෑ

ado me oya income tax walata gov job ahu wenne nadda? mama hithuwe unwath included kiyala me wenakan

 

[Jack_Sparrow]

mewa annually neda
e kiyanne monthly 1.5laks wenakan no tax
eeta passe wedi wena habai tax ekakata 4% gane wedi wenawa
1.5-2.5 laks -> 4%
3.5 - 4.5laks -> 8%

 

[Dr.Droopy]

Ube annual income ekata 36 lakhs(3.6 million) kiyala gamuko


Tax eka hedenne,
First 1.8 Million tax free 3.6-1.8 = 1.8 Million to be taxed
Second 1.2 Million (This is noted as first 1.2 million as above table) 48000 is 4% of 1200000
now you have remaining 3.6 - 1.8 - 1.2 = 0.6 million
for second 1.2 Million(only you have 0.6 million) = 48000 is 8% of 600000

Total tax = 48000 + 48000 = 96000

correct me if I'm wrong, this is according to my understanding

correct..that will be the scenario ........

 

[ITGuy25]

සැලරි පෙග් කරපු ටිකත් අහුවෙනවා tax වලට මම දන්න විදියට. IT සීනියර් අයගේ සැලරි band තියෙන්නේ අන්තිම හරියේ

 

[Jack_Sparrow]

සැලරි පෙග් කරපු ටිකත් අහුවෙනවා tax වලට මම දන්න විදියට. IT සීනියර් අයගේ සැලරි band තියෙන්නේ අන්තිම හරියේ

yes kela wenawa hodatama
peg karapu ewun tika dawasak balala wena rataka yay
mokada ehe tax unata life eka hodaine