Aug 28, 2017

4 pc increase in tax on EPF! Featured

The 10 per cent tax levied on the EPF is expected to be raised to 14 pc through the new inland revenue act, said a top official of the Finance Ministry.

He said so to Sri Lanka Mirror when asked about a remark made by Inter Company Employees Union chief Wasantha Samarasinghe.

While speaking to the media, Samarasinghe claimed moves to levy a 28 pc tax on the EPF and warned of a major union action involving government, semi-government and private sector employees if that was not withdrawn before the 20th.

According to him, the plan is to charge a 14 pc tax from EPF income and also another 14 pc retainer tax when members receive dividends.

Samarasinghe said the working people would surround the Finance Ministry if this tax proposal was implemented, and that the president, prime minister and the finance minister have been informed about that.

However, the ministry spokesman rejected the union leader’s claims, and said the new act that would be submitted to parliament early next month would propose to raise the 10 pc tax already levied to 14 pc.

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