Sri Lanka published the Inland Revenue (Amendment) Act, No. 10 of 2021 in the Official Gazette on 13 May 2021. The Act provides for the implementation of the 2021 Budget tax measures, which are in line with the proposals announced earlier by Sri Lanka Inland Revenue in a notice to taxpayers as follows:

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1. Exemptions from Income Tax

• Remittance tax (at the rate of 14% on remitted profits…