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Economy

1 Jun 2022

Sri Lanka immediately hikes tax rates at 12% from 8% to boost Government Revenues

The Index Today

An increase in Value Added Tax (VAT) 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 or $180.56 million.

Sri Lanka's declared bankrupt government on Tuesday announced that there will be 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.

Prime Minister Ranil Wickremesinghe, who took office this month amid the economic crisis is now planning to present an interim budget within weeks, he also mentioned that the measures were necessary as the current state of government finances was unsustainable.

Clay pottery with table linens