Wednesday, July 24, 2024

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EPF, ETF not applicable to Surcharge Tax Bill, AG informs Court

The Attorney General has informed the Supreme Court that the Employees’ Provident Fund (EPF) and the Employeees’ Trust Fund (ETF) are not applicable to the proposed Surcharge Tax Bill.

In addition, 11 more funds will be removed from the draft bill, the Attorney General has informed.

The petition filed before the Supreme Court by Secretary General of the Samagi Jana Balawegaya (SJB) MP Ranjith Madduma Bandara against the controversial Surcharge Tax Bill tabled in Parliament was called before the Bench today (02).

The petition, citing the Attorney General as the respondent, seeks an order being made declaring that the proposed bill shall be passed via a referendum in the event that it violates the Constitution.

Speaking to media, petitioner MP Ranjith Madduma Bandara emphasised that they do not wish to pursue the petition given that the relief sought via the petition has already been received.

The Surcharge Tax Bill proposes to impose a one time 25 per cent tax on companies whose annual taxable income exceeds Rs. 02 billion.


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