On 28 March 2016, Sri Lanka's Inland Revenue Department issued a notice of revision to the corporate income tax rate changes as included in the 2016 Budget.

In the original 2016 Budget, a new standard rate of 15% was to be introduced along with a higher rate of 30% for certain sectors. Instead, the rates will be as follows:

• The 28% corporate income tax rate will be maintained for banking, fi…