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    • Sri Lanks VAT News - UK Based Global VAT and Tax Compliance Consultants
    27
    Jun

    Sri Lanka- Tax Increases


    Sri Lanka’s political upheaval and  bankruptcy has  dominated the headlines as of late. The country’s financial crisis has seen the resignation of Prime Minister Mahinda Rajapaksa while his brother, President Gotabaya Rajapaksa still remains in power. However, many have attributed the economic collapse of the country to the sweeping tax cuts implemented when Gotobaya took power in 2019. Levies were scrapped and the VAT rate was all but halved despite the negative effect on revenue. It is then no surprise that Sri Lanka has now announced an increase in the corporate and personal income tax rates from 1 October 2022 and an immediate hike in the value added tax rate from 8% to 12%.


    Essentia Global Services – European / International / Global vat tax compliance consultants and management agents.
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    We are specialists in global indirect tax management. We help businesses to manage their worldwide compliance with respect to VAT/GST and similar taxes, effectively and economically. Essentia Global Services – European / International / Global vat tax compliance consultants and management agents. Essentia also provides VAT Training Courses and an EU VAT Number Lookup Platform. VAT Global Management & International VAT Registration.