Taxes increased! How you’ll be taxed if you make over $100,000.

The Inland Revenue (Amendment) Bill has been gazetted to amend the Inland Revenue Act No. 24 of 2017.

According to the gazette, the tax exemption has been reduced and the base of the tax net will be widened.

Thus, gross monthly income of Rs. 100,000 or more is liable to income tax.

The highest marginal personal income tax rate is gazetted at 36%.