Tax rates to be increased in Sri Lanka

Tax in Sri Lanka

Sri Lanka’s Finance Minister Ali Sabry said yesterday (April 29) his office had started initial consultations on the increase of fiscal revenue from the present 8.5 percent of the Gross Domestic Product (GDP) to 13-14 percent.

According to the Minister it is difficult to run a country with such a low tax revenue base as a percentage of the GDP.

“We have not made a final decision yet. But, we believe there should be a general tax increase,” he said.