Sri Lanka's Budget for 2021 was presented by the Minister of Finance on 17 November 2020. The main tax-related proposals of the budget include the following:
- Maintain the VAT rate unchanged at 8% for businesses with a turnover of more than LKR 25 million per month engaged in the import and manufacture of goods or provision of services, except in the case of banking, financial and insurance sectors;
- Improve the efficiency of tax collection through the introduction of an online-managed single …