Samagi Jana Balawegaya Parliamentarian Dr. Harsha de Silva says clauses have been prepared to include the Employees Provident Fund and the Retirement Gratuity Fund in the Surcharge Tax Bill.
The MP said through the clauses a surcharge of 25 percent will be levied on several funds including the Employees Provident Fund.
A gazette notification was issued yesterday regarding a bill that will impose a 25 percent surcharge on the taxable income of a person, a joint venture or a company whose taxable income exceeds Rs.2,000 million.
The surcharge will be levied on the assessment year commencing on the 1st of April, 2020, which is calculated in accordance with the provisions of the Inland Revenue Act.
MP de Silva said according to the interpretation of the bill, a pension fund, provident fund, retirement gratuity fund or a similar fund will be included in the definition of a company.