Cabinet approves surcharge on high-income companies | Breaking News

The Cabinet has approved a proposal to levy a one-time 25 percent ‘surcharge’ on individuals or companies earning taxable income of over Rs. 2,000 million in the assessment year 2020/2021.

The decision to impose this surcharge was proposed by the 2022 budget. Accordingly, the Attorney General’s approval has been obtained for the Surcharge Tax Bill prepared by the Legislative Draftsman.

Accordingly, the proposal presented to the Cabinet by the Finance Minister to gazette the Bill and present it in Parliament, has received Cabinet approval.

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