Sri Lanka's Ministry of Finance has published a budget summary containing the tax proposals in the 2022 Budget, which was presented in parliament on 12 November 2021. One of the key measures is a one-off surcharge tax at a rate of 25% for individuals and companies who earned taxable income exceeding LKR 2 billion for the year of assessment 2020/2021. Further, a 2.5% social security contribution is proposed on annual turnover exceeding LKR 120 million.
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Budget 2022- Taxation
I. Tax r…