Sri Lanka's government on Tuesday announced a taxation overhaul to maximise revenue amid the country's crippling economic crisis, hiking value added taxes and corporate income tax, and slashing the relief given to individual tax payers. Prime Minister Ranil Wickremesinghe, who took office this month and plans to present an interim budget within weeks, said that measures were necessary as the current state of government finances was unsustainable.

from Times of India https://timesofindia.indiatimes.com/world/south-asia/crisis-hit-sri-lanka-hikes-tax-rates-to-maximise-govt-revenues/articleshow/91917025.cms