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Government Revenue Loss due to the Sugar Tax Cut

The Special Commodity Levy (SCL) on imported sugar was reduced from LKR 50/kg to LKR 0.25/kg on the 13th of October 2020. This was intended to reduce the price of sugar in the domestic market. However, as global prices also increased, the re...

Budget Obfuscates Benefit From Cigarette Tax Increase

Tax on Cigarettes is proposed to be increased with immediate effect. As a result, the price of a cigarette will increase by Rupees five (5).

Steering out of the Debt Crisis: Recipes for Budget 2022

“Steering Out of the Debt Crisis: Recipe for Budget 2022” by Verité Research was anchored around addressing Sri Lanka’s debt crisis. The forum presented research and analysis pertaining to debt management a...

How Much Do Casinos Owe the Inland Revenue Department?

In 2015, the government imposed a one-off Casino Industry levy of LKR 1 Bn each on the 4 Casinos established in Sri Lanka. As a result, a total of LKR 4 Bn was owed to the Inland Re...

Tariffs on Powdered Milk

Majority of Import taxes pertaining to milk powder were removed with effect from the 12th of August 2021. The HS codes in relation to the removal of taxes are 040210, 040221 and 040229.

Taxing the Digital Economy

The Minister of Trade, Mr. Bandula Gunawardena recently stated that the Sri Lankan Government is contemplating introducing a system to regulate the online business platforms and bring some of them under its tax...

How important is tax data to the public?

Verité Research filed two Right to Information Requests seeking information from the Department of Inland Revenue. However, these requests and subsequent appeals were both rejected, with no valid reason given.

Effectiveness of Tax Amnesty in Sri Lanka

On 9 July 2021, the government gazetted a new finance bill aimed to indemnify individuals who voluntarily disclose their hitherto undisclosed income—that is to a provide a tax amnesty.