Sri Lanka announces Special Goods and Services Tax

The government announced a Special Goods and Services Tax (GST) to be introduced for telecommunication, alcohol, cigarettes, vehicles, and betting from 2021 onwards while maintaining most of the other taxes and duties at the current rate.

Delivering 2021 Budget speechPrime Minister & Finance Minister Mahinda Rajapaksa announced plans to cut the budget deficit ratio to 4 percent in the medium term from the projected 9 percent this year.

WIth a mepahis on tax complinace side, the goverment plans to introduce new laws against auditors and companies that prepare false tax records.

Further, a simplified Online Income tax system is also on the cards for income tax payers.

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