Sri Lanka’s Cabinet of Ministers has approved adjustments to the Personal Income Tax (PIT) structure.
The amendments to the PIT structure are as follows:
- The tax-free threshold remains unchanged at Rs. 1.2 million per annum.
- Tax bands will increase from Rs. 500,000 to Rs. 720,000.
- The marginal tax rate for each band remains at 6%, with the top tax rate staying at 36%.
According to a post shared on X by Minister of Foreign Affairs Ali Sabry, these adjustments will take effect from April 2025.
