Sri Lanka: Income tax changes proposed in (Amendment) Bill 2022

The Inland Revenue (Amendment) Bill amending the law applicable on income tax was published in the gazette on 11 October 2022.

Key changes proposed in the Bill concern:

• Individual income tax rates and relief thresholds
• Advance individual (personal) income tax
• Corporate income tax rates
  • Standard income tax rate
  • Concessionary tax rates removed
  • Capital gain tax for corporates

  Read an October 2022 report [PDF 308 KB] prepared by the KPMG member firm in Sri Lanka

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