On 1 April 2016, Sri Lanka's Inland Revenue Department issued a notice that Circular SEC/2016/04 would be temporarily withheld ({News-2016-03-31/A/3- previous coverage}). The Circular sets the following corporate tax rates, which were to apply from 1 April:

• 28% for banking, financial services and insurance sectors;
• 40% for liquor, tobacco, lottery, betting and gaming sectors; and
• 17.5% for all…