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Tax Concessions

PAYE tax will be revised with effect from January 1st

The Ministry of Finance says that the concession to remove the PAYE tax will come into effect from 1st of January.

According to the ministry, the relief package given to the public will come into effect from the 1st of next month.

Accordingly, earning up to Rs. 250,000 per month is exempt from PAYE tax and those earning more than 250,000 are liable to pay income tax.

Meanwhile, the Finance Ministry stated that the VAT and other tax relief concessions will be effective from the 1st January.

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