SRI LANKA Law and Practice Contributed by: Ayanthi Abeyawickrama, Varners
• an 18% VAT on digital services supplied by non-resident providers; and • a 15% concessionary corporate income tax rate for qualifying foreign service exporters. Further reforms in the areas of data protection, company law, beneficial ownership and labour law are expected. The government’s continued engagement with development partners and
multilateral agencies is likely to result in further labour law modernisation, corporate governance reform and liberalisation of foreign investment restrictions. Additionally, reforms are under way to restructure state-owned enterprises (SOEs), streamline the public sector, and promote pub - lic-private partnerships, thereby creating a more competitive and investment-friendly legal envi - ronment.
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