On 2 November 2018, the Sri Lankan Ministry of Finance announced a number of tax reforms measures meant to encourage production and simplify the tax system. Some of the main measures include:
- The reduced corporate tax rate of 14% for agricultural companies and SMEs will be extended to individuals so that the maximum individual tax rate is 14% (standard maximum 24%) on individual income from agricultural undertakings and from providing professional services;
- The standard VAT registration thr…