Income Tax based on Sri Lanka Salary

Personal Income Tax

Tax Free Allowance

Present tax free allowance of Rs. 300,000 (Rs. 25,000 per month) will be increased to Rs. 500,000 (Rs. 41,667 per month) and this will be extended to non – resident who are citizens of Sri Lanka.

Tax Slabs for Individual Tax Payers on Taxable Income

Tax Slabs (Rs) Rate

1^st Rs. 500,000 - 4%

Next Rs. 500,000 - 8%

Next Rs. 500,000 -  12%

Next Rs. 500,000 - 16%

Next Rs. 500,000 - 20%

Balance - 24%