US EditionSri Lanka financial VAT surges as taxes overshadow retained profits in banks
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Sri Lanka financial VAT surges as taxes overshadow retained profits in banks
ECONOMYNEXT – Sri Lanka’s collection of financial VAT charged mainly on banks have surged over 400 percent to 40.4 billion rupees in the first quarter of 2025 from 9.3 billion rupees last year, a Finance Ministry Report shows. Financial VAT is an unusual tax, which is not invoiced to customers of banks directly but is charged on the value added within a firm. A large component is made up wages. After a currency crisis from inflationary rate cuts…
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