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Illegal cigarettes causing Rs.52 Billion revenue loss to Government

The expansion in the Illegal cigarettes market driven by recent tax hikes is causing a record Rs. 52 billion revenue loss to the Government, According to the ongoing research conducted…

COPA Pushes for proper implementation of the Revenue Administration Management Information System (RAMIS) at IRD

Several new proposals were proposed by the Committee on Public Accounts (COPA) to make the work of the Inland Revenue Department more efficient including proper implementation of the Revenue Administration…

Sri Lanka lost a large chunk of its tax base due to changes made in tax system in 2020

Sri Lanka has lost a large chunk of its tax base due to significant changes in its tax system made in 2020 including the increase in VAT registration threshold on…

25% one-time income tax on 62 individuals and companies with over Rs. 2 billion turnover proposed in the budget 2022

Sri Lanka’s Government proposed to impose a one-time surcharge tax of 25 percent on 62 individuals and companies with an annual turnover of more than Rs. 2 billion in the…

Sri Lanka’s rising food prices belies deeper economic issues

By Dushni Weerakoon Sri Lanka recently passed emergency regulations to deal with food shortages and price increases. Such powers are typically invoked to address public security concerns. But in this instance, they…