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| Screen shot News First TV |
Tuesday October 31, 2023 ECONOMYNEXT
Sri Lanka’s cabinet of ministers had approved hiking value added tax to 18 percent to increase revenue and meet International Monetary Fund targets, Minister Bandula Gunawardana said.
Though tax revenues were up 51 percent to September, it was not enough to meet IMF targets, he said.
Sri Lanka will also remove exemptions of some taxes.
President Ranil Wickremesinghe had also informed cabinet that salaries of state workers would have to be raised.
The quantum of salary hikes will be decided after calculation on taxes are made and will be announced in a budget for 2024 he said.
Sri Lanka is to present a budget for 2024, on November 13.
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