Sri Lanka’s registered taxpayers decreased by 33%

Colombo, Dec 12 (News 1st) – Sri Lanka’s number of registered tax payers has dropped by 33.5% between 2019 and 2020.

The platform, publicfinance.lk said Sri Lanka’s number of tax payers that stood at 1.7 million in 2019 had dropped to 1.1 million in 2020.

The platform further stated that the decline is most probably due to major changes in tax policy introduced in 2019.

This includes the increase in thresholds for Value Added Tax (VAT) and the abolition of Pay As You Earn (PAYE) taxes.

Source: NewsAsia