The Sri Lankan Ministry of Finance on Feb. 17 presented the 2025 budget speech. The speech outlines measures to: 1) increase capital gains tax to 15 percent for individuals and partnerships, and 30 percent for other entities; 2) impose VAT on digital services and regulate registration, fees, collection, and return filing; 3) mandate the use of Point of Sale machines by VAT-registered persons; 4) abolish the simplified VAT system and replace it with a risk-based refund system; 5) expand the scope of DTAs; 6) increase monthly allowances for elderly persons to 5,000 Sri Lankan rupees (US$17) from 3,000 rupees (US$10); ...
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