(UTV | COLOMBO) – Minister of Trade Bandula Gunawardana says the Cabinet of Ministers who convene today will be informed to remove the Employees Provident Fund and the Pension Fund from the definition of a company, when enforcing the Surcharge Tax Bill.
Speaking to media Minister Gunawardana said when the relevant amendment is tabled in Parliament the EPF will not fall under the Surcharge Tax Bill.
He said when taxes were imposed in 2017, the Tax Bill was amended amidst opposition.
The Minister added in the 195th clause of the Act, the EPF, ETF, the Pension Fund and other funds were included under companies approved by the former government.
Minister Gunawardana noted therefore when the Cabinet of Ministers convene today the Minister of Finance and the President will be informed to amend the definition of the company under the Tax Surcharge Bill, to remove the EPF and Pension Fund from it.