Sri Lanka hikes tax rates to maximise government revenues
2 years, 6 months ago

Sri Lanka hikes tax rates to maximise government revenues

The Hindu  

Sri Lanka's cash-strapped government on Tuesday announced a taxation overhaul to boost revenue amid the country's crippling economic crisis, hiking value added taxes and corporate income tax, and slashing the relief given to individual taxpayers. "The implementation of a strong fiscal consolidation plan is imperative through revenue enhancement as well as expenditure rationalization measures in 2022," Mr. Wickremesinghe's office said in a statement. An increase in Value Added Tax to 12% from 8% with immediate effect is among the key tax increases announced on Tuesday, which is expected to boost government revenues by 65 billion Sri Lankan rupees. The tax cuts caused annual public revenue losses of about 800 billion rupees, the prime minister's office said in its statement.

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