Sri Lanka to Hike Value-Added Tax From Jan. to Meet IMF Targets

Sri Lanka’s cabinet of ministers has approved raising the value-added tax rate to 18% from the current 15% to boost revenue and meet targets set under an International Monetary Fund program, spokesman Bandula Gunawardana told reporters.

• VAT exemptions on some goods will also be removed in January, Gunawardana said Tuesday
• Cabinet endorsed proposal to revise power tariffs quarterly, from the current six months
• Cabinet also approves drafting a bill for a new Employment Act
• Cabinet was also informed by President Ranil Wickremesinghe that salaries of state workers would have to be raised next year via the budget to be ...