Sri Lanka to impose ‘super gains’ tax on company profits: Interim Budget 2015

Jan 29, 2015 (LBO) – Sri Lanka will impose a 25 percent ‘super gains tax on companies earning over two billion rupees in net profit, Finance Minister Ravi Karunanayake said, in presenting the interim budget 2015 to the parliament today. He said there are only 35 to 40 companies which have to pay the newly imposed tax in the island. Any company of which the profit exceeded 2000 million rupees will be charged 25 percent tax off its profit, Karunanayake said.

“This will be a one-time tax. We want to share excess profits companies are making with the people.”