Sri Lanka Publishes Draft Bill for Several Tax Changes

Sri Lanka has published the draft Bill to amend the Inland Revenue Act, No. 24 of 2017, which includes several changes. The changes are summarized as follows, with various effective dates including retroactive effect in certain cases:

• The capital gains tax rates are increased from 10% to 15% for individuals and partnerships, and from 10% to 30% for trusts, unit trusts, mutual funds, and non-governmental organizations (NGOs) (effective from the date of enactment);
• The Commissioner-General of…