A gazette notification was issued yesterday (07) on the bill to impose a 25 per cent surcharge on the taxable income of a person, a joint venture or a company whose taxable income exceeds Rs. 2000 million.
Accordingly, clauses have been prepared to include the Employees Provident Fund and the Pension Gratuity Fund in the relevant bill, said Dr Harsha de Silva, Member of Parliament for the Samagi Jana Balawega.
He added that a 25 percent surcharge would be levied on several funds, including the Employees Provident Fund.
The surcharge will be levied on the assessment year commencing on April 1, 2020, which is calculated in accordance with the provisions of the Inland Revenue Act.
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