Sri Lanka Publishes National Budget 2016 Tax Proposals

On 20 November 2015, Sri Lanka's Minister of Finance Ravi Karunanayake presented the countries National Budget for 2016. The main tax-related proposals are summarized as follows.

Corporate Income Tax, Levies and Surtax

The following measures are proposed:

• Simplifying corporate income taxation by introducing a standard 15% rate and higher 30% rate for betting and gaming, liquor, tobacco and banking and financial services (current rates range from 10% to 40% depending on industry);
• Abolishi…