According to recent reports, the Parliament of Sri Lanka approved legislation for the 2022 Budget in the third and final reading on 10 December 2021. As previously reported, some of the key measures include the following:
- A one-off surcharge tax is introduced at a rate of 25% for individuals and companies who earned taxable income exceeding LKR 2 billion for the year of assessment 2020/2021;
- A 2.5% social security contribution is introduced on annual turnover exceeding LKR 120 million with …