Recent Amendments and their Impact to APIT Tax Regime under the Income Tax Law of Sri Lanka: A Special Reference to State University Academics of Sri Lanka

Abstract

As a country that has been moving forward very slowly after a severe economic recession, the government of Sri Lanka made many oppressive decisions to improve the situation. It has launched various proposals to alleviate the current situation in Sri Lanka, especially in accordance with the regulations of the International Monetary Fund. Accordingly, the primary plan among the financial policies of the current government was the positive changes made in the country’s tax policy. There, the changes made to Advance Personal Income Tax (APIT) and Pay as You Earn Tax (PAYE) under the employment income were controversial among the people. Based on the above facts, the research problem to be addressed is whether tax amendments have an impact on academics and, if not, why this may be the case. The primary purpose of this research is to assess the impact of APIT and PAYE tax amendments...