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Tax revisions to be implemented with immediate effect

Tax revisions to be implemented with immediate effect:
Value Added Tax (VAT) increased from 8% to 12%, Telecommunication Tax increased from 11.25% to 15%.

Tax revisions proposed for implementation:
Personal Income Tax relief to be reduced from Rs 3 million to Rs 1.8 million per year.
Value Added Tax (VAT) to be increased from 8% to 12%, Telecommunication Tax to be increased from 11.25% to 15%.

Advance Personal Income Tax/ WHT on Employment Income (PAYE) mandatory for all taxpayers exceeding the personal relief of Rs. 1.8 million per year effective from October 1, 2022.
5% WHT on service payments exceeding Rs. 100,000 per month made to professionals.

Increasing the standard Corporate Tax rate from 24% to 30 % & increasing the concessionary CIT rate (construction & healthcare) from 14% to 15%.
Decrease VAT registration threshold from 300million to 120m per year
Remove VAT exemption for sale of condominium housing units

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