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IMPLEMENTATION OF NEW TAX PROPOSALS
INCOME TAX
- Income Tax Rate applicable on construction industry shall be reduced from 28% to 14%, with effect from the year of Assessment 2019/2020
- Income of an Individual up to Rs. 3,000,000 per annum from any source of income shall be exempted from income tax and the excess income to that amount shall be liable for income tax at the progressive rate of 06%, 12% and 18% for each tax slab of Rs. 250,000, with effect from January 01st 2020.
- Income from the Information Technology and enabling services shall be exempted from all taxes with effect from the year of Assessment 2019/2020
- Income earned from the supply of services for the receipt of foreign currency shall be exempted from income tax with effect from December 01st 2019.
- Income from Agriculture, Fisheries and Livestock shall be exempted from income tax with effect from the year of Assessment 2019/2020
- Religious institutions shall fully be exempted from income tax with effect from December 01st 2019
VALUE ADDED TAX (VAT)
- VAT rate will be revised to 8% with effect from December 01st 2019. However, VAT rate applicable on supply of Financial Services will be continued at 15%.
- The liable limit for registration of VAT will be increased to 300 Mn per annum (25 Mn per month) with effect from January 01st 2020
NATION BUILDING TAX (NBT)
- NBT will be abolished with effect from December 01st 2019.
WITHHOLDING TAX (WHT)
- Interest Income up to Rs. 250,000 per month shall be exempted from Withholding Tax (WHT) with effect from January 01st 2020
PAY AS YOU EARN (PAYE)
- Tax free threshold of the employment income of all public and private sector employees for the purposes of the Pay-As-You-Earn (PAYE) shall be increased from Rs. 100,000 to Rs. 250,000 per month and the excessive personal income tax at the progressive rate of 06%, 12% and 18% for each tax slab of Rs. 250,000, with effect from January 01st 2020.
