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Message: <blockquote data-quote="dot.Net" data-source="post: 28571531" data-attributes="member: 565164">Who are taxed ?Individuals engaged in sole-proprietorship businesses/freelance gigs are taxed on their income at the personal tax rates. Income tax-free threshold for every Sri Lankan citizen/ tax resident is Rs. 1.2 million per year. This means, if your total income is below than the threshold per year you are not required to pay income tax. If you earn more than that you are required to open a tax file and pay tax. Rates are as follows:Individuals – Progressive Tax RatesTaxable amount LKR Rate<ul> <li data-xf-list-type="ul">First 1,200,000 0%</li> <li data-xf-list-type="ul">Next 500,000/- 6%</li> <li data-xf-list-type="ul">Next 500,000/- 12%</li> <li data-xf-list-type="ul">Next 500,000/- 18%</li> <li data-xf-list-type="ul">Next 500,000/- 24%</li> <li data-xf-list-type="ul">Next 500,000/- 30%</li> <li data-xf-list-type="ul">Balance 36%</li> </ul>If, your instance, you earn Rs. 1.5 million per year by doing tuition classes and some writing gigs, you are liable to tax given annual income exceeds Rs. 1.2 million. Your taxable income will be Rs. 300,000 (Rs. 1.5 million – 1.2 million) and as depicted in the table above you are required to pay 6% of Rs. 300,000 (taxable income) as tax.Source: <a href="https://www.newswire.lk/2023/02/02/taxing-the-freelancer-who-are-taxed/" target="_blank">https://www.newswire.lk/2023/02/02/taxing-the-freelancer-who-are-taxed/</a></blockquote>

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