In a significant development, President Ranil Wickramasinghe disclosed that an agreement has been reached with the International Monetary Fund (IMF) to amend the PAYE (Pay As You Earn) tax system. Speaking at a public rally in Aheliyagoda, Wickramasinghe addressed the issue of tax burdens on earnings, describing it as a major concern.
He revealed that discussions between the IMF and the government have led to a consensus on the need for reform. Both parties have presented their proposals, and these are currently being reviewed. Wickramasinghe stated that while the basic decision to revise the tax has been made, the exact details of the new tax structure will be announced once the final agreement is reached.
The announcement forms part of Wickramasinghe’s campaign efforts as he seeks confirmation for his victory in the upcoming presidential election. This move is expected to impact taxpayers significantly, addressing longstanding issues related to income taxation.
