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, financial services and insurance sectors;
- The 40% corporate income tax rate will be maintained for liq…