Sri Lanka hiked personal income tax rates in 2023. Value added taxes were raised to 15 percent from 8 percent last year. Another 2.5 percent cascading tax was imposed on top of VAT, the effect of which was estimated to be around 4.5 or more through the cascading effect. While value added...
COLOMBO, May 31 (Xinhua) -- The Sri Lankan government announced on Tuesday that it has decided to amend five taxation acts in order to hike tax rates to bring the government revenue back to 2019 levels. The tax rate hike is expected to involve value added taxes. Inland Revenue Act, No....
“Fears of additional taxes such as wealth tax, increase in VAT (value added tax), additional taxes on revenue etc came to rest with the announcement of the 2023 budget proposals,” Danushka Samarasinghe, Chief Executive Officer/Director at Nation Lanka Equities (Pvt) Ltd ...
COLOMBO, May 31 (Xinhua) -- The Sri Lankan government announced on Tuesday that it has decided to amend five taxation acts in order to hike tax rates to bring the government revenue back to 2019 levels. The tax rate hike is expected to involve value added taxes. Inland Revenue Act, No....
Health standards and literacy rates are high, though poverty and debt remain. Remittances from Sri Lankans working overseas aid financial recovery, but drain the nation of skilled talent. Sri Lanka remains generally unaligned in political practice, but is a member of international organizations, inclu...
One of these regulations is the Foreign Account Tax Compliance Act (FATCA), effective as of 1 July 2014. This is a new piece of legislation by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) to counter tax evasion in the US. ...
The payment of import duty on goods imported by companies or projects representing an investment in the country of US$50 million or more is to be waived.
January 2023. Exemptions or reductions may, however, exist for certain essential goods. Import taxes are calculated based on the transaction value, which includes the cost, insurance, freight, and any other charges up to arrival in Sri Lanka, necessitating accurate invoicing for ...
The Sri Lankan government implemented tax reforms in 2011, including removal of the tax exemption given to public servants and reduction of personal income tax rates in order to improve tax compliance from pay-as-you-earn (PAYE) tax payers. This study evaluates the 2007 and 2011 tax systems ...
Commercial Banking – Sri Lanka The Foreign Account Tax Compliance Act (FATCA) is a new piece of legislation by the United States Department of Treasury and the US Internal Revenue Service (IRS) to counter tax evasion in the US. HSBC is committed to becoming fully FATCA-compliant in all coun...