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%.