VAT Reduced: Payee tax limited: Budget deficit to be reduced: Budget 2015

Oct 25, 2014 (LBO) – Sri Lanka President suggested to reduced value added tax to 11 percent and limited payee tax to 16 percent, thought the budget 2015. Sri Lanka plans to reduce budget deficit to 4.6 percent in 2015. Currently the value added tax is 12 percent in the island.

The government plans to reduce the budget deficit to 3.85 percent by 2016 and 3.2 percent by 2017, the president said in his budget speech.