Withholding Tax to be increased to 10%

• 5opn1
• December 19, 2024
• Political
• Withholding Tax to be increased to 10%
• 0 Comments

Sri Lanka Withholding Tax will be increased from 5% to 10%. Withholding tax in Sri Lanka is a tax deducted at the source of income.

It is typically deducted by an employer, payer, or any other person making a payment to a recipient, and is then remitted to the tax authorities (the Inland Revenue Department). The tax is usually deducted on various types of payments

Speaking in Parliament today (18), Oresident Anyra Kumara Dissanayake said that the government agreed with the International Monetary Fund (IMF) to reduce tax on services exports from the existing 30% to 15%.

He said it was also agreed to increase the Withholding Tax from 5% to 10%.