Sri Lanka’s high alcohol taxes are pushing consumers, already impacted by the economic crisis, toward illegal and dangerous alternatives, warns Harry Jayewardena, the Chairman of Distilleries Corporation of Sri Lanka (DCSL). The company has reported a decline in sales over the past year due to the rising costs of legal alcohol products. In the DCSL
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
The International Chamber of Commerce Sri Lanka (ICCSL) recently led a crucial meeting with representatives from Sri Lanka’s export sector and a team from the International Monetary Fund (IMF) to evaluate the potential effects of abolishing the Simplified Value Added Tax (SVAT) on the country’s export industry. ICCSL Policy Committee Chairman Prof. Ajantha Dharmasiri highlighted
A ministerial sub-committee’s report on the ‘Effective RAMIS System Utilization’ has recommended using the national identity card (NIC) to identify individuals for tax collection purposes. The report, which aims to enhance the Revenue Administration Management Information System (RAMIS), was presented to President Ranil Wickremesinghe by the committee chaired by Minister of Power and Energy Kanchana
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