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
Sri Lanka is set to amend its Value Added Tax (VAT) Act to phase out temporary VAT registrations by the end of 2024, targeting importers and distinguishing between personal and commercial imports to prevent tax revenue loss, according to a recent Parliamentary report. The Third Report by the Committee on Ways and Means revealed that
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
Sri Lanka Animal Production Association President Ajith Gunasekara has called on the Government to reconsider the 20.5% tax on eggs, a perishable item, to address the escalating food prices in the country. Gunasekara highlighted that the 18% Value Added Tax (VAT) and 2.5% Social Security Levy have significantly increased egg prices. “Currently, supermarket eggs are