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Tax relief and revisions announced for tax payers
Aruna Shantha
01-Apr-2025 12:15:09
The Inland Revenue Department has introduced new tax relief for individuals earning less than Rs. 1.8 million annually. Effective from today, eligible individuals can claim a 10% reduction in the advance income tax (AIT) charged on interest or discounts from deposits by submitting a self-declaration to their banks or financial institutions.
In addition to this relief, the government has revised personal income tax regulations, raising the taxable monthly income threshold from Rs. 100,000 to Rs. 150,000, benefiting lower-income earners. A 15% tax on income from services provided to foreign countries has also been implemented.
Furthermore, stamp duty on lease and rental agreements has been increased, from Rs. 10 to Rs. 20 per Rs. 1,000 or part thereof. These changes, effective today, aim to provide tax relief and generate additional revenue.
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