False news that taxes will be levied on provident funds of more than Rs. 700,000

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News circulating on social media reading, “14% tax will be levied if the provident fund amounts more than Rs. 700,000. Now eat milk rice”.

Related Link: https://bit.ly/2V10dsX

The Commissioner-General of Labour at the Department of Labour, Prabhath Chandrakeerthi, was contacted to verify the truth to this news and he said that the news was untrue.

He mentioned that they function under the Employees Provident Fund Act as amended in 1958 and that no proposal has been received on the subject of levying taxes.

Therefore, the news that a tax of 14% will be levied if the provident fund is more than Rs. 700,000 is false.


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