Corporate
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Individual
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Sri Lanka

Individual - Significant developments

Last reviewed - 17 February 2020

Income of an individual up to Rs. 3,000,000 per annum from the assessable income shall be deducted as a personal relief and the excess income to that amount shall be liable for income tax at the progressive rates of 06%, 12% on each tax slab of Rs. 3 Mn and 18% on the excess, with effect from January 01, 2020.

The above changes effective from 1 January 2020 are subject to formal amendment to the Inland Revenue Act, No. 24 of 2017, to be passed in Parliament.