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

Oct 25, 2014 (LBO) â€“ Sri Lanka President suggested to reduced value added tax to 11 percent and limited payee tax to 16 percent, thought the budget 2015.

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Sri Lanka plans to reduce budget deficit to 4.

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6 percent in 2015. Currently the value added tax is 12 percent in the island.

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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.

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