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Sri Lanka Budget 2011 (Spotlight on economic development):
Sri Lanka’s recently announced 2011 budget has given much weight to achieving rapid economic development while reducing the fiscal deficit. Key highlights of the budget:
- Corporate income tax rate to be reduced from 35% to 28%. For export-oriented companies, tourism and construction, the reduction is from 15% to 12%.
- VAT on financial services to be reduced from 20% to 12%.
- VAT on leasing of passenger vehicles to be removed.
- Alcoholic beverages/ cigarettes: Tax on profit to be raised from 35% to 40%.
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