Sri Lanka's Budget for 2015 Presented

On 24 October 2014, Sri Lanka's Budget for 2015 was presented. Key tax measures are summarized as follows:

• The maximum pay-as-you-earn personal income tax rate will be cut to 16%
• Employer contributions to employees' provident funds will be increased from 12% to 14%
• The standard VAT rate of 12% will be reduced to 11%
• Incentives in the form of accelerated depreciation and dividend income tax exemption will be provided for qualifying enterprises investing at least USD 2 million in machinery and…