Daily Mirror E-Paper

Suggestions to Income Tax burden

The tax amount of Rs.30,000/- has been increased to Rs.52,500/- by 75% for the monthly earnings of Rs.350,000/- compared to before January 1, 2020 and after January 1, 2023 tax periods. Similarly, the monthly tax amount has been increased from Rs.6,000/- to Rs.52,500/- as 875% before and after January 1, 2023.

To mitigate the current tax burden to the employees, followings are proposed,

1) To introduce the Charge Percentage on tax liability i.e.: 60%

2) Maintain the current tax rates as standard policy of Income Tax and rates should be fixed and should not be changed time to time

3) To increase or decrease of taxes can be done by adjusting the charging percentage. Hence, not required to amend the Inland Revenue Act accordingly.as an example, if the Charging Rate of tax is 60%, the monthly tax liability of an employee is Rs.10,000/- and the recovery value should be Rs.6,000/4) Apply charge percentage of 60% beyond Rs.150,000/- of monthly earnings. 0% should apply for monthly earnings below Rs,150,000/as a relief to the lower income segment

5) To review the country’s economic situation bi-annually and adjust charging percentage accordingly.

N NIMAL

EDITORIAL

en-lk

2023-03-22T07:00:00.0000000Z

2023-03-22T07:00:00.0000000Z

https://dailymirrorepaper.pressreader.com/article/281694029022466

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