COLOMBO - Sri Lanka's cash-strapped government on Tuesday announced a taxation overhaul to boost revenue amid
"The implementation of a strong fiscal consolidation plan is imperative through revenue enhancement as well as expenditure rationalisation measures in 2022," Mr Wickremesinghe's office said in a statement. An increase in value added tax to 12 per cent from 8 per cent 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 .
Withholding tax on employment income has been made mandatory and exemptions for individual taxpayers have been reduced, the statement said.
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