Crisis-hit Sri Lanka hikes tax rates to maximise govt revenues

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COLOMBO - Sri Lanka's cash-strapped government on Tuesday announced a taxation overhaul to boost revenue amid hiking value added taxes and corporate income tax, and slashing the relief given to ind

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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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