- President Ranil Wickremesinghe justifies VAT on local supply of IT and digital services
- Export of IT services earning foreign exchange will be tax-exempt
- Increased revenue from VAT will be used for research initiatives, including AI research
- President points out that India also taxes IT software supply services with 18% GST
- President assures IT sector of government support
- President announces establishment of Digital Transformation Agency, AI Centre, and Digital Technology and Innovation Council
- Plans to expand existing universities and establish new ones focused on technology and science
- Collaboration with foreign partners, including India, to become a global technology hub
- Plans for technological integration in agriculture and energy sectors
- Changes to investment landscape with the replacement of BoI and EDB by the Economic Commission
Source: ft.lk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
