Economics

Tax Evasion Costs Sri Lanka Rs.80 Billion in 2023, IPS Study Finds

  • October 11, 2024

A recent study by the Institute of Policy Studies (IPS) reveals that the Sri Lankan government lost an alarming Rs.80 billion in tax revenue in 2023, primarily due to widespread evasion of the Personal Income Tax (PIT) among eligible taxpayers. The research assessed tax contributions across various income groups, highlighting a concerning trend that directly

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Economics

Sri Lanka Targets 40% Direct Tax Collection by 2025

  • July 19, 2024

Sri Lanka aims to increase direct tax collection to 40 percent by 2025 from the current 30 percent, through expanded tax nets and legal actions against tax evaders, according to State Finance Minister Ranjith Siyambalapitiya. Direct taxes, levied on individuals with higher incomes and significant asset ownership, are set to play a crucial role as

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