Legal proceedings indicate an extension of old tax structure till December 2022

The legal proceedings concerning the petitions filed in the Supreme Court against the new Inland Revenue Bill have indicated that the law would be amended to change the taxes on individuals to be applicable from December 2022 and not October 1 2022.

The changes were indicated by the Attorney General on the hearing of petitions.

Accordingly, Personal Relief which was Rs 3 Mn, and income tax slabs of Rs 3 Mn with rates at 6%,12%, and 18% respectively will remain until 30.11.2022 on a pro-rated basis. Expenditure relief of Rs 1.2 Mn shall also be available on a pro-rated basis. DP