The proposed 25 percent surcharge on large turnover will not be levied on any of the 11 funds, including the Employees Provident Fund (EPF) or the Employees’ Trust Fund (ETF), Finance Minister Basil Rajapaksa assured the Cabinet last evening. He has stated that 69 institutions with a turnover of over Rs. 2,000 million are currently being identified and it has been proposed to levy this tax only once.
The 2022 budget proposals proposed to levy this tax, and there was strong opposition to levying this tax from the Employees Provident Fund and the Employees Trust Fund. Informing the Cabinet yesterday, the Minister said that the tax would not be levied on these 11 funds at all.
