Main Measures of Sri Lanka's Budget for 2015

The measures included in Sri Lanka's Budget for 2015 were presented on 24 October 2014 and further measures presented 29 January 2015. The key tax measures now in effect are summarized as follows:

Personal Income Tax

The maximum pay-as-you-earn personal income tax rate is cut to 16% for all employment income. Previously the maximum rate applied only for certain professional income.

Value Added Tax

A number of changes are made in regard to VAT, including a reduction in the standard VAT r…