Sri Lanka’s tax revision helps correct tax revenue & expenditure imbalance – IMF

The International Monetary Fund (IMF) Mission to Sri Lanka has stated that the new tax reforms in Sri Lanka helps meet the objective of correcting the imbalance of tax revenue and expenditure.

Accordingly, they stated that the new tax rate schedule for the personal income tax helps meet this objective, adding that these new reforms will also help regain the confidence of creditors.

“Only with appropriate tax receipts will the Government will be able to fund essential expenditures, and avoid further slashing of critically important outlays. These reforms will also help regain confidence of creditors,” the IMF said.