Withholding Tax to be increased to 10%

President Anura Kumara Dissanayake announced that the Withholding Tax will be increased from 5% to 10%.

Speaking in Parliament today (18), he said that the government agreed with the International Monetary Fund (IMF) to reduce tax on services exports from the existing 30% to 15%.

He said it was also agreed to increase the Withholding Tax from 5% to 10%.