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Sri Lanka raises PAYE tax free allowance, loan relief to small defaulters

COLOMBO (EconomyNext) – Sri Lanka will raise the tax free allowance of pay-as-you-earn (PAYE) tax  to 750,000 from the current 600,000 finance minister Ravi Karunayake said.

Defaulted farmer who lost crops will get a 50 percent write off on loans up to 100,000.

Gold loan defaulters will be given an interest write off on a capital value of up to 200,000.