Economy

Sri Lanka PAYE tax thresholds to be raised, minimum Rs150,000: President

Published

12 months ago

December 18, 2024

Sri Lanka has negotiated with the International Monetary Fund to raise the income tax threshold to 150,000 rupees a month from the current 100,000 rupees, President Anura Kumara Dissanayake said.

“The wages of a person earning 150,000 rupees will be 100 percent free from tax,” President Dissanayake told parliament.

“The 6 percent tax on the first slab of 500,000 rupees will be raised to one million rupees.”

“The tax on someone earning 200,000 rupees will be 71 percent free of tax. The salary of a person earning 250,000 will be 61 percent free. The salary of a person earning 300,000 rupees will be 47 percent freed.

“The salary of a person who gets 350,000 a month will be 25 percent freed.

“We have been able to revise PAYE tax to give bigger benefits to lower income earnings and lower benefits to higher income earners.”

A witholding tax on bank deposits to be raised from 5 to 10 percent. However there will be process where exemptions can be claimed by lower income earners, he said.

Value added tax on milk and yoghurt will also be removed, he said.

Corporate tax on services export which was to be raised to 30 percent will be 15 percent, he said.

Economy

Tourist arrivals pass 2.1m for the first time in 2025

Published

1 day ago

December 5, 2025

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A total of 212,906 tourists have arrived in the country in the month of November, data from the Sri Lanka Tourism Development Authority (SLTDA) shows.

According to data released by the SLTDA, a total of 51,391 tourists have arrived from India which accounts to 24.1%. Furthermore, 24,953 persons from Russia, 16,915 from the United Kingdom, 14,518 from Germany and 9,384 Australian nationals have also visited Sri Lanka in the month of November.

Meanwhile, the number of tourists arrived in Sri Lanka in 2025 has increased to 2,103,593 with the release of the latest figures for November.

Among them, 474,796 individuals are from India, 191,742 from the UK, 158,593 from Russia, 131,259 from Germany, 121,671 from China and 101,771 are from France, the SLTDA noted.

Economy

Apple to support relief efforts in flood-hit Sri Lanka

Published

3 days ago

December 3, 2025

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Apple CEO Tim Cook has announced that the company will contribute to relief and rebuilding efforts across several Asian countries—including Sri Lanka—following days of severe flooding, landslides, and powerful winds.

Cook said that recent storms across Thailand, Indonesia, Malaysia, and Sri Lanka have devastated communities, extending the company’s condolences to all those affected.

Economy

Management Committee appointed for ‘Rebuilding Sri Lanka’ Fund

Published

5 days ago

December 1, 2025

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The Cabinet of Ministers has approved the establishment of the ‘Rebuilding Sri Lanka’ Fund, which aims to rebuild the country after the immense damage caused by Cyclone ‘Ditwa’, one of the worst natural disasters in Sri Lanka’s recent history.

The fund is to be established as a statutory fund under the Presidential Secretariat, and its Management Committee will comprise representatives from the government and private sectors.

Minister of Labour and Deputy Minister of Finance and Planning, Dr. Anil Jayantha Fernando, will serve as its Chairman, while Senior Additional Secretary to the President, G.M.R.D. Aponso will serve as the Convener of the Committee.

Other committee members include:

• President’s Special Envoy for Foreign Investment, Western Province Governor Hanif Yusoof
• Secretary to the Ministry of Finance, Dr. Harshana Suriyapperuma
• Senior Economic Advisor to the President, Duminda Hulangamuwa
• Director General of the Ministry of Foreign Affairs Sugeeshwara Gunawardena
• Chairman of the Hayles Group, Mohan Pandithage
• Chairman of John Keells Holdings (JKH), Krishan Balendra
• Deputy Chairman and Managing Director of Aitken Spence PLC, Dr. Parakrama Dissanayake
• Brandix Group CEO Ashroff Omar
• LOLC Executive Chairman Ishara Nanayakkara