VAT Hike to Double State Salaries: President Announces Increment for 2024, Committee for 2025 Budget

• Sri Lanka increased value added tax to 18 percent to help pay state worker salaries
• President Ranil Wickremesinghe faced criticism for raising VAT
• First salary increment already granted in 2024
• Another increment to be announced in 2025 budget
• Current administration has frozen new hires
• 10,000 rupee salary hike given
• Tax revenues starting to increase as economy recovers
• Salaries and pensions reduced to 48 percent of taxes last year
• Current budget still in deficit despite reductions

Source: economynext.com

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.

---

---