Facebook icon
Twitter icon
e-mail icon

Sri Lanka introduces tax changes aimed at achieving Rs 800 billion target

Sri Lanka is to introduce key changes to the income tax system aimed at reducing evasion and achieving the Rs 800 billion a year target, the Sunday Times reported. 

The changes which are set to come into force on April 1, will see increased jail terms, fines and penalties to those who evade income tax, make false statements or make late payments. 

Sri Lanka's Inland Revenue Department is aiming to increase direct taxes from 20% to 40% by 2020, decreasing indirect tax revenue by an equal measure from 80% to 60%. 

We need your support

Sri Lanka is one of the most dangerous places in the world to be a journalist. Tamil journalists are particularly at threat, with at least 41 media workers known to have been killed by the Sri Lankan state or its paramilitaries during and after the armed conflict.

Despite the risks, our team on the ground remain committed to providing detailed and accurate reporting of developments in the Tamil homeland, across the island and around the world, as well as providing expert analysis and insight from the Tamil point of view

We need your support in keeping our journalism going. Support our work today.

For more ways to donate visit https://donate.tamilguardian.com.