COLOMBO, Aug. 28 (Xinhua) -- Sri Lankan President Ranil Wickremesinghe announced on Wednesday that the government and the International Monetary Fund (IMF) have reached an agreement to amend the pay-as-you-earn tax.

Wickremesinghe said this while speaking at a presidential election rally in the country's Sabaragamuwa province.

He said the government and IMF have put forward two separate proposals on how this tax should be amended. Once the two sides agree on a number, the exact amendment will be notified.

Following the 2022 economic crisis, the government amended tax laws, and only Sri Lankans who earn less than 100,000 rupees (about 330 U.S. dollars) per month are exempt from paying the tax. Sri Lanka also imposed an 18 percent value-added tax on goods and services.

Sri Lankan professionals have been demanding tax relief since new tax laws came into effect in 2023. Enditem

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