The Supreme Court has been informed that the Employees’ Provident Fund, the Employees’ Trust Fund and 11 other funds will not be subject to a 25 percent surcharge through provisions of the proposed Surcharge Tax Draft Bill.
The Attorney General made the submission before the Supreme Court today when the Fundamental Rights petition filed by the General Secretary of the Samagi Jana Balawegaya Parliamentarian Ranjith Madduma Bandara challenging the Surcharge Tax draft bill was taken up for consideration.
MP Madduma Bandara through the petition called for an order to be issued stating the bill must be passed in Parliament with a two-thirds majority and at a public mandate, to become an Act, as it is not in line with the Constitution.
The Attorney General was cited as a respondent in the petition.
When inquired by NewsRadio MP Ranjith Madduma Bandara said the petition will not be taken forward as the relief requested through the petitions have been met.
According to the proposed Bill, a 25 percent surcharge will be imposed on any individual, partnership, or company, whose taxable income calculated in accordance with the provisions of the Inland Revenue Act, exceeds Rs.2 Billion, for the year of assessment that commenced in April, 2020.
