TAX CHANGES TO ICT SECTOR
The following tax benefits have been implemented for the ICT sector based on the 2021 budget that was passed in December 2020. These benefits indicate a state-wide push for the ICT sector which all firms in the industry can avail themselves which will in turn help drive the ecosystem forward.
A 25% reduction in the telecommunications levy.
A doubling of the PAYEE tax threshold going up to Rs.250,000.
A relief on all remittances from foreign earnings.