Sri Lanka Issues Notice that New Corporate Income Tax Rates are Effective from April 2016

Sri Lanka's Inland Revenue Department has issued a notice that the country's revised corporate income tax rates are effective from 1 April 2016. From that date, the corporate rates are as follows:

• 28% for banking and financial services,  insurance services, and trading activities (unchanged from previous year);
• 40% for liquor, tobacco, lottery, betting and gaming (unchanged from previous year); and
• 17.5% for all other sectors (new rate).

Click the following link for the notice, …