Bankrupt Sri Lanka hikes taxes

31/5/2022 4:13:00 PM

Bankrupt Sri Lanka hikes taxes

Sri Lanka

Bankrupt Sri Lanka hikes taxes

COLOMBO: Cash-strapped Sri Lanka on Tuesday (May 31) announced steep, across-the-board tax hikes to shore up revenue as the country suffers its worst economic downturn and seeks an IMF bailout. The value-added tax (VAT) applied on almost all goods and services was raised from 8 per

COLOMBO:Cash-strapped Sri Lanka on Tuesday (May 31) announced steep, across-the-board tax hikes to shore up revenue as the country suffers its worst economic downturn and seeks an IMF bailout.The value-added tax (VAT) applied on almost all goods and services was raised from 8 per cent to 12 per cent with immediate effect, while corporate taxes were also increased from 24 to 30 per cent.

The personal income tax exemption threshold was lowered from 3 million rupees (US$8,330) a year to 1.8 million rupees.The increases were a rollback of the generous cuts ordered by President Gotabaya Rajapaksa soon after he won the November 2019 elections.

Read more:
CNA »

Sama macam IsmailSabri60 tengah pikir nak kembalikan GST

Crisis-hit Sri Lanka hikes tax rates to maximise govt revenuesstraits_times Maximise corruption revenues- corrected it 👍

Sri Lanka urges airlines to fly full tank or fill up elsewhere

Sri Lanka appeals for farmers to plant more rice as food shortage loomsCOLOMBO: Sri Lanka wants farmers to plant more rice as part of plans to avert a severe food shortage, a top official said on Tuesday (May 31), as experts warned of a 50 per cent drop in production that would worsen the impact of its already-severe financial crisis. Sri Lanka is in the throes of its worst s

Sri Lanka women look to next World Cup after missing out on New ZealandLAHORE : Chamari Athapaththu's Sri Lanka will be keen to garner as many points as possible in the one-day series against Pakistan beginning on Wednesday as they begin the long trek towards the 2025 Women's World Cup. Sri Lanka failed to qualify for this year's tournament in New Zealand, where Australia bea

12 hour queues for fuel is par for the course for Sri Lankan woman rickshaw driver

Crisis-hit Sri Lanka hikes tax rates to maximise govt revenuesstraits_times Maximise corruption revenues- corrected it 👍

LinkedIn COLOMBO: Cash-strapped Sri Lanka on Tuesday (May 31) announced steep, across-the-board tax hikes to shore up revenue as the country suffers its worst economic downturn and seeks an IMF bailout.Copy to clipboard https://str.Copy to clipboard https://str.LinkedIn COLOMBO: Sri Lanka wants farmers to plant more rice as part of plans to avert a severe food shortage, a top official said on Tuesday (May 31), as experts warned of a 50 per cent drop in production that would worsen the impact of its already-severe financial crisis.

The value-added tax (VAT) applied on almost all goods and services was raised from 8 per cent to 12 per cent with immediate effect, while corporate taxes were also increased from 24 to 30 per cent. The personal income tax exemption threshold was lowered from 3 million rupees (US$8,330) a year to 1. Prime Minister Ranil Wickremesinghe, who took office this month and plans to present an interim budget within weeks, said measures were necessary as the current state of government finances was unsustainable.8 million rupees. "Airlines are bringing certain additional supplies, while we are also providing from our stocks. The increases were a rollback of the generous cuts ordered by President Gotabaya Rajapaksa soon after he won the November 2019 elections. Sri Lanka's inflation rose to 39. Prime Minister Ranil Wickremesinghe, who is also the finance minister , said Rajapaksa's tax cuts cost the state around 800 billion rupees annually and widened the budget deficit sharply. Sri Lanka’s new prime minister Ranil Wickremesinghe has warned of a severe food shortage by August and estimates US$600 million will be needed to import fertliser, which the country is struggling to raise.

International rating agencies, as well as independent economists, have pointed to Rajapaksa's fiscal policy as having fuelled the current financial crisis.8 per cent set in April. The country defaulted on its foreign debt for the first time this month, and has started bailout talks with the International Monetary Fund. Wickremesinghe, an opposition legislator, was made prime minister this month. His predecessor and the president's elder brother Mahinda stepped down after months of anti-government protests turned deadly. Other measures, including increasing corporate income tax to 30 per cent from 24 per cent from October, will earn an additional 52 billion rupees for the exchequer. The South Asian nation is in talks with the International Monetary Fund for a bailout after running out of dollars to pay even for the most essential imports such as oil, food and medicines. Singapore Airlines Ltd is uplifting additional fuel on flights departing Singapore to Sri Lanka due to the shortage, a representative said in an e-mail. Sri Lanka has also defaulted on its US$51 billion foreign debt. The island nation of 22 million people has been battered by its worst economic crisis since independence from Britain in 1948, with a severe shortage of foreign currency stalling imports of essentials, including food, fuel and medicine.

Wickremesinghe said he was also removing several tax breaks granted to companies in recent years. The government did not say how much it will raise from the new tax measures. The tax cuts caused annual public revenue losses of about 800 billion rupees, the prime minister's office said in its statement.A. However, the prime minister had said they had run out of rupees to pay the salaries of 1.5 million civil servants and would have to"print money".2 per cent of GDP in 2021, from 9. That would in turn fuel inflation, which is already at a record 33." The Indian ocean nation has been trying to come up with cash to pay for oil that's been sitting on tankers off its coast as its fuel crunch persists.

8 per cent. In an interview with Reuters this month, Mr Wickremesinghe - who. Related: .