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Tuesday, 26 November 2013 - 11:22
Sri Lanka income tax responds strongly to rate reduction
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Sri Lanka's income tax volumes showed the strongest gain following a cut in the rates, in the middle of an economic downturn the reduced most other collections.

Sri Lanka's income tax collections rose 14.4 percent to 154.7 billion rupees in the first nine months of the year, the highest rate increase among all tax types, while overall revenue growth was only 2.7 percent.

The finance ministry said the higher collections were a "favourable consolidation of the impact of 2011 tax reforms which is aimed at lower rates and broader base."
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