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Surcharge Tax will affect EPF, warns SJB

Published

5 years ago

2022/02/8

SJB Colombo District MP Dr. Harsha De Silva told the media yesterday that the Surcharge Tax Bill contained provisions applicable to the Employees Provident Fund (EPF).

The Gazette containing the relevant bill on the Surcharge Tax was published yesterday.

According to the bill, the Surcharge Tax will be levied on any individual, partnership, or company, whose taxable income calculated in accordance with the provisions of the Inland Revenue Act, No. 24 of 2017, exceeds rupees two thousand million, for the year of assessment commencing on April 1, 2020, at the rate of twenty-five percent, Dr De Silva said.

According to the definition of the Inland Revenue Act, a company is included in the definition of a provident fund, a pension fund, a pension gratuity fund, or a similar fund, Dr. de Silva said, noting that the bill would pave the way for 25% Surcharge Tax to be levied on multiple funds including the EPF.

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Expedite the cleaning of Colombo’s canals and drainage systems within the next two weeks – PM instructs officials

Published

13 mins ago

2026/10/14

Priyan

Prime Minister Dr. Harini Amarasuriya has instructed officials to expedite the cleaning of canals and drainage systems to ensure the proper flow of rainwater in anticipation of increased rainfall in the coming period. She directed that the cleaning work be completed within the next two weeks and continued regularly thereafter.

The Prime Minister made these remarks on Tuesday (13 October) while attending the Colombo District Coordinating Committee meeting held at the District Secretariat auditorium in Narahenpita.

During the meeting, officials from Divisional Secretariats, the Department of Agrarian Development and the Provincial Irrigation Department highlighted the challenges they face in cleaning drainage systems and canals. They also explained the difficulties arising from the shortage of technical officers and the preparation of plans and cost estimates. The District Coordinating Committee also reviewed the development programmes scheduled to be implemented in the Colombo District in 2026.

Officials presented details of projects under four key areas: rural road development, community empowerment, disaster management and the promotion of a sports culture. Accordingly, the 2026 Rural Road Development Programme is scheduled to be implemented in three phases. Under the first phase, road development activities will be carried out in the Divisional Secretariat Divisions of Colombo, Thimbirigasyaya, Kotte, Homagama, Padukka and Kesbewa. The second phase will cover Kesbewa, Maharagama, Dehiwala, Ratmalana, Moratuwa and Kolonnawa. Officials also reported that several projects initiated in Thimbirigasyaya, Kolonnawa and Seethawaka under the 2025 programme have already been completed.

Under the national Praja Shakthi programme aimed at eradicating poverty, an allocation of Rs. 1,117.53 million has been made for 2026. Of this amount, Rs. 1,108 million has been allocated to 13 Divisional Secretariats, with the balance earmarked for special projects. The programme provides equipment to support agriculture, freshwater fisheries and small-scale enterprises. Under disaster mitigation projects, river-cleaning activities and the development of access roads are being undertaken in Homagama, Seethawaka and Maharagama. An allocation of Rs. 4 million has been made to develop school and public sports grounds as part of efforts to foster a sports culture. In addition, allocations of Rs. 300,000 each have been provided for 39 Divisional Secretariat Divisions, with sports ground development activities being carried out in Dehiwala, Maharagama, Homagama and Thimbirigasyaya. Officials further stated that the development of temples, sports grounds and court buildings is being undertaken through the Ministry of Buddhasasana, Religious and Cultural Affairs, the Ministry of Rural Development, Social Security and Community Empowerment, and the Ministry of Environment, and the Ministry of Justice.

Under the decentralised capital budget for the Colombo District, a total of 281 projects have been approved, with 184,775 beneficiary families identified. The total allocation for these projects amounts to Rs. 217.38 million, comprising Rs. 180 million in allocations for Members of Parliament and Rs. 37.38 million in allocations for National List Members of Parliament. The total estimated cost of the projects is Rs. 217.03 million.

An assessment of the physical progress of the 281 approved projects revealed that estimates are being prepared, or remain to be prepared, for eight projects, while estimates have been completed for five projects. Quotations have been called for 21 projects, nine projects are at the evaluation stage, and contracts have been awarded for 17 projects. Work has commenced on 51 projects, or they have reached up to 25% completion. Nine projects have achieved between 25% and 50% completion, seven projects between 50% and 75%, and 17 projects between 75% and 99%. A further 93 projects have been physically completed and are awaiting payment, while 44 projects have been fully completed both physically and financially. In terms of financial progress, expenditure on the projects stands at Rs. 21.647 million, with an additional Rs. 0.334 million spent on administrative costs, bringing the total expenditure to Rs. 21.981 million.

Members of Parliament Lakshman Nipuna Arachchi and Samanmali Gunasinghe, local government representatives, Colombo District Secretary Ginige Prasanna Janaka Kumara, and a number of state officials attended the meeting.

[Prime Minister’s Media Division]

News

Cabinet approves redrafting of State Assets Management Act

Published

6 hours ago

2026/10/13

Priyan

Approval has been granted at the Cabinet meeting held on 22.07.2024 to publish the draft bill of State Assets Management Act in the government gazette notification and thereby present it to the Parliament for its concurrence.

However, the draft bill couldn’t be passed in Parliament as a result of the Parliament being dissolved in the month of October 2024.

Thereafter, the draft bill was subject to further inspection by a
committee appointed which comprised of officials and authorities on the subject.

The said Committee has recognized the amendments to be made and a fundamental draft has been prepared including the proposed amendments.

Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to suspend further activities regarding the draft bill of State Assets Management Act published in the extraordinary gazette of 02.08.2024, and to direct the Legal Draftsman to prepare a draft bill based on the fundamental draft prepared by the subject specialists’ committee.

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Cooperative Employees Commission Act No. 12 of 1972 to be amended

Published

6 hours ago

2026/10/13

Priyan

Considering the compliance of the Cooperative Societies’ operations with the concurrent socio – economic circumstances as well as the changes in the common law, the requirement of amending the Cooperative Employees Commission Act No. 12 of 1972 has been recognized.

A fundamental draft including proposed amendments based on the experience gained by that Commission as well as the opinions and proposals of Cooperative societies, their director board members, cooperative employees and other interested parties has been prepared.

Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative development to provide instructions to the Legal draftsman to prepare a draft bill to amend the Cooperative Employees Commission Act No. 12 0f 1972, based on the said fundamental draft.