Tax Breaks Ahead: Sri Lanka To Adjust Personal Income Tax Structure

COLOMBO (News 1st); Sri Lanka's Cabinet of Ministers moved for approval for the adjustment to the Personal Income Tax (PIT) structure.

The PIT structure will be amended as follows:

1. Tax Free threshold remains as it is at Rs. 1.2 Mn per annum

2. Tax Bands increase from Rs. 500,000 to Rs. 720,000

3. Marginal tax rate at each band remains at 6% with the top tax rate remaining at 36%.

According to a post shared on X, by Minister of Foreign Affairs Ali Sabry, the adjustment would become effective from April 2025.