The Sri Lankan Cabinet of Ministers has approved a proposal by the Minister of Finance to sign a convention with Austria aimed at preventing double taxation, tax evasion, and avoidance of public finance. The agreement will apply to taxes on income and capital between the two countries. The convention has been drafted and signed at
Sri Lanka’s budget deficit saw a significant reduction of 52% in the first half of 2024, dropping to 515.7 billion rupees. During the same period, government revenues surged by 42% to 1,860.6 billion rupees, driven largely by a 43% increase in tax revenues, totaling 1,709.3 billion rupees, according to interim budget data. The budget’s current
To facilitate a deeper understanding of the International Monetary Fund (IMF) tax reforms, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently organized a discussion forum. This event brought together experts from various sectors to delve into the reforms and their implications on the Sri Lankan economy. Following the IMF’s comprehensive report