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Taxation in Sri Lanka mainly includes excise duties, value added tax, income tax and tariffs. [1] Tax revenue is a primary constituent of the government's fiscal policy . The Government of Sri Lanka imposes taxes mainly of two types in the forms of direct taxes and indirect taxes.
The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
This is the map and list of Asian countries by monthly average wage (annual divided by 12 months) gross and net income (after taxes) average wages for full-time employees in their local currency and in US Dollar. The chart below reflects the average (mean) wage as reported by various data providers.
The tax percentage for each country listed in the source has been added to the chart. According to World Bank , "GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.
Sri Lanka; Sweden; Switzerland; Taiwan ... Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income ...
Where you live plays a major role in how much you'll pay in state income taxes. Some states, like Alaska and Florida, don't levy individual income tax at all. Others, like California and Hawaii ...
The foreign corporation will be subject to U.S. income tax on its effectively connected income, and will also be subject to the branch profits tax on any of its profits not reinvested in the U.S. [citation needed] Thus, many countries tax corporations under company tax rules and tax individual shareholders upon corporate distributions. Various ...
A direct consumption tax may be called an expenditure tax, a cash-flow tax, or a consumed-income tax and can be flat or progressive. Expenditure taxes were briefly implemented in the past in India and Sri Lanka. [2] This form of tax applies to the difference between an individual's income and any increase/decrease in savings.