Sri Lanka Moves to Raise Income Tax Levels as Part of IMF Pact

Sri Lanka has published a bill to legislate a planned increase in income taxes as part of the island nation’s measures to increase revenue under an agreement to get funding from the International Monetary Fund.

• The plan to increase taxes was unveiled in May
• Personal income tax exemption threshold to be lowered, rates in each slab raised
• Standard corporate income tax proposed raised to 30% from current 24%
• Tax rates for mutual funds, trusts to be raised

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Asantha Sirimanne in Colombo at asirimanne@bloomberg.net

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