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Surcharge Tax Bill to be submitted to Parliament 

01 Feb 2022

The Surcharge Tax Bill is to be submitted to the Parliament for approval following the approval of the Cabinet of Ministers on Monday (31 January).  The surcharge tax was initially proposed to be imposed on individuals or companies earning taxable income more than Rs. 2,000 million for the assessment year 2020/2021 in the Budget 2022.   Accordingly, it is to impose a one-off 25% tax on the respective individuals and companies.  Additionally, the Attorney General’s (AG) clearance has been received for the Surcharge Tax Bill and has been prepared by the Legal Draftsman.  Accordingly, the Cabinet of Ministers approved the proposal presented by Minister of Finance Basil Rajapaksa to publish the Bill in the Government Gazette, and thereafter, it is to be submitted to Parliament. Speaking to The Sunday Morning Business last month, Inland Revenue Department (IRD) Commissioner General H.M.W.C. Bandara stated that the aforesaid surcharge tax is to be charged on 31 March 2022 by the end of their financial year (FY), while the IRD would charge social security tax quarterly from 1 April onwards.   

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