The government was able to reach an agreement with the IMF at the third review to raise the income tax threshold from Rs. 100,000 to Rs. 150,000 per month, President Anura Kumara Dissanayake said today in Parliament.

• Tax-free threshold increased from Rs.100,000
to Rs.150,000.

• Monthly salaries upto Rs.150,000 exempt from
PAYE Tax

• Those earning a monthly salary of Rs.200,000
are exempt from 71% of the tax.

• A person earning a monthly salary of
S.250,000 is exempt from 61% of the tax.

• A person earning a monthly salary of
Rs.300,000 is exempt from 47% of the tax.

• A person earning a monthly salary of
Rs.350,000 is exempt from 25.5% of the tax.