Following the strong performance in tax revenue this year, the government has proposed to the International Monetary Fund (IMF) an adjustment in Personal Income Tax slabs from Rs. 500,000 to Rs. 720,000, aiming to provide relief to mid-level taxpayers affected by recent tax reforms, he said.

The IMF, in turn, has suggested changes, offering more relief to lower bands, similar relief for mid-level taxpayers and slightly less for higher earners, while keeping the proposal’s core intact, he said.

The President revealed this while delivering the keynote address at the University Lecturers’ Conference held at the Water’s Edge Hotel recently.