Sri Lanka to Impose VAT on Digital Services, Tax Housing

Sri Lanka is planning to legislate several tax changes by next month to boost revenues, according to a report released by the International Monetary Fund after completing a review of its program with the island nation.

• Value added tax will be imposed on digital services, and existing income tax exemptions on services export are to be removed, according to the report published late Thursday
• A social security levy charged on sales will be replaced by VAT
• Corporate income tax on alcohol, tobacco and gaming companies is also to be raised to 45% from 40%
• Most taxes are expected to take ...