Colombo Telegraph

Ranil’s Tax Bombshell

Sri Lankans were in for a rude shock this afternoon, after Prime Minister Ranil Wickremesinghe announced proposed tax amendments in Parliament today, as his government looked at new ways to generate income amidst economic instability.

According to the proposed amendments, the Value Added Tax will increase to 15%, while the Nation Building Tax will remain unchanged at 2%.

However, Wickremesinghe assured that the increased VAT will not be imposed on essential commodities and electricity tariffs. Wickremesinghe added that tax concessions granted on telecommunication services, private education and health services would be removed.

Meanwhile, the government will also be reintroducing the Capital Gain Tax. ( By Munza Mushtaq © Colombo Telegraph )

Full speech can be read here

Back to Home page