Presidential Secretary Dr. P.B. Jasundara assures that Sri Lanka’s tax regime will not undergo any changes for the next five years and that Value Added Tax (VAT) will remain as 8 per cent.

Addressing an economic conference in Colombo today (23) he said:

“We’re assuring that tax regime which we have scheduled will not change. Next five years, VAT is 8%. Income tax is whatever rate we’ve gazetted. No other taxes will brought. Custom base taxes will be rationalised. We need much more efficient, transparent, compliance, friendly tax regimes and that is given. The revenue if you want to raise the turnovers, raise the volume, raise the GDP, that is what it is all about. So the Treasury Secretary is not allowed to make any more changes in taxes.”