VAT delay key sticking point in Sri Lanka IMF deal

ECONOMYENXT – Sri Lanka has to bring to parliament a bill to implement a value added tax to meet requirements for an International Monetary Fund program for June, an official said.

Mission Chief Jaewoo Lee said June quantity targets for the program have been met.

The mission welcomed tighter monetary policy by the central bank, and said the central bank should be ready to tighten further in inflation and credit growth continues to go up.

Sri Lanka has to proceed with the value added tax to meet targets in 2016 and 2017 and also reform the income tax law in the upcoming budget, officials said.

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