A forthcoming country report by the global research and consultancy firm Oxford Business Group (OBG) will shine a spotlight on Sri Lanka’s new Inland Revenue Act, analysing what it means for investors eyeing the market’s opportunities and how it differs from previous tax legislation.
The Report: Sri Lanka 2018 will explore the way in which the new law attempts to streamline the country’s tax framework by setting out the various exemptions, concessions and breaks available more comprehensively than in the past.
OBG’s publication will give details of the incentives for investors, which include revised capital allowances, while also considering the efforts made to highlight them to business leaders as part of a broader national drive to boost FDI.
PwC Sri Lanka has signed a second memorandum of understanding (MoU) with OBG for its forthcoming publication. Under the MoU, the firm will assist in the research for the Tax Chapter of The Report: Sri Lanka 2018.
Sujeewa Mudalige, CEO, PwC Sri Lanka, said he looked forward to contributing once again to OBG’s research and helping investors to navigate the country’s evolving tax framework.
“The new Inland Revenue Act is significant for several reasons, especially the role it will play in helping to increase tax revenues,” he said. “Oxford Business Group is known to be a leader in the field of reports on emerging markets. I’m delighted that we will be playing a part in its important and timely analysis of Sri Lanka’s economic development in 2018.”
OBG’s editorial manager in Sri Lanka, Michael Todemann, said he was thrilled to be working with PwC for a second time and benefiting from its experts’ in-depth knowledge of Sri Lanka’s tax environment.
“Historically, there has been a lack of continuity and consistency in local tax legislation, which created challenges for business leaders,” he said. “PwC has long played a leading role in tracking these changes and relaying them to their clients, while also providing investors with all-important context on Sri Lanka’s growth story and its economic outlook, which appears positive both in the immediate and longer term. I’m confident that the firm’s input will once again give our Tax Chapter an edge that investors will find valuable.”
The Report: Sri Lanka 2018 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will also contain contributions from leading representatives, including: President Maithripala Sirisena; Greg Hands, the UK minister of state for international trade; and Changyong Rhee, director of Asia and Pacific department for the IMF. It will be available in print and online.