Taxation in Sri Lanka

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The Sri Lanka parliament passed tax reforms on Thursday that should simplify the tax system, widen the tax base and increase government revenue, as agreed with the International Monetary Fund in exchange for a $1.5 billion, three-year loan.

Sri Lanka intends to impose a capital gains tax on profits from equities, a senior government minister said late on Monday, as the government attempts to shore up its finances to qualify for an IMF loan.

Sri Lanka is to minimise tax holidays and levy more on rich people through direct taxes, Prime Minister Ranil Wickremesinghe said on Thursday, reforms likely to win the praise of the International Monetary Fund.

Sri Lankan shares fell 2.89 percent to a more than two-month low on Friday, their biggest fall since February 2011, led by blue chips on concerns over future earnings after the government imposed a retrospective 25 percent ‘super gain tax’ in its supplementary budget.

Sri Lanka’s continuing failure to strengthen its tax administration could force the its government to spend less, which would hit economic growth, the International Monetary Fund (IMF) said on Friday.

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