On 1 April 2016, Sri Lanka's Inland Revenue Department issued a notice that Circular SEC/2016/04 would be temporarily withheld ({News-2016-03-31/A/3- previous coverage}). The Circular sets the following corporate tax rates, which were to apply from 1 April:
- 28% for banking, financial services and insurance sectors;
- 40% for liquor, tobacco, lottery, betting and gaming sectors; and
- 17.5% for all other sectors.
The Inland Revenue Department also issued a notice to clarify that the proposed in…