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Sri Lanka - Cabinet assured no move to impose surcharge tax on EPF, ETF
(MENAFN- Colombo Gazette)
The Cabinet was today assured that there was no move to impose a surcharge tax on the Employees' Provident Fund (EPF) or the Employees' Trust Fund (ETF).
The assurance was given by Finance Minister Basil Rajapaksa when the Cabinet convened this evening (Monday).
The Finance Minister assured that the one-time surcharge tax of 25% will not be imposed on the EPF and ETF and nine other funds.
The Government has proposed a 25% surcharge tax on individuals or companies earning an annual taxable income of Rs. 2,000 million or more.
The Labour Ministry has already objected to the proposed tax being imposed on the EPF and ETF.
The opposition as well as the Sri Lanka Freedom Party has also objected to the tax. (Colombo Gazette)
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