Wijesinha (2012b), Tax reforms in Sri Lanka: will a tax on public servants improve progressivity? Partnership for Economic Policy.Arunatilake, N., P. Jayawardena, A. Wijesinghe, N. Perera, 2011, "Tax Reforms in Sri Lanka, Will a Tax on Public Servants Improve Progressivity", Institute of...
Withholding tax in Sri Lanka is therefore passively contributes in nation’s economic and social developments. The country with its robust economy has seen a growth at 3.7% in 2019. It strives to make the transition to an upper middle-class income nation. The country focuses on long-term ...
Income Tax Act Sri Lanka – One of the most common question we see in random individuals is “Do I have to pay taxes”? Well of course, paying your taxes is a civic duty, it is a must deed for all to pay their tax in time and in proper amount, as failures to do so would resu...
ECONOMYNEXT – Amid widening gap between the rich and the poor in Sri Lanka, the island nation will have to go for higher taxation including on wealth, President Ranil Wickremesinghe said on Friday while delivering a keynote speech at an economic forum. The crisis-hit country is str...
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....
Sri Lanka's cabinet of ministers had cleared the granting of tax relief to factories in an industrial zone in Eravur in the East under Strategic Development Project law which may go up to 10 years based on the number of employees and investment.
The spokesperson told reporters that the decision was taken with the aim of attracting investments. He also announced that the cabinet of ministers has unanimously agreed to serve without salaries for a period of one year. Sri Lanka, which is in the mid of a foreign exchange crisis, is attemp...
Low revenue collection as well as the other reasons discussed have led to the abolishing of wealth taxes in most countries Tax revenue from individual net wealth taxes in 2016 ranged from only 0.2% of GDP in Spain to 1.0% of GDP in Switzerland. Sri Lanka’s experience with wealth taxat...
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.
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...