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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.
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.
sole trader: must be a natural person e.c. (egyéni cég) sole venture: a company registered by and consisting of one sole trader bt. (betéti társaság) limited partnership: requires one general partner with unlimited liability and one or more members with limited liability kkt. (közkereseti társaság) general partnership
The Institute was established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to awarding the Chartered Accountant designation. The Institute is responsible for setting Accounting and Auditing Standards in Sri Lanka, and is considered the National Body of Accountants' in the country. [citation needed]
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1] A sole trader does not necessarily work alone and may employ other people. [2]
Aban Pestonjee (Sinhala: අබාන් පෙස්ටොන්ජි) is the chairperson and founder of the Abans group of companies. She is known as one of the first entrepreneurs who initiated in first bringing Korean technology to Sri Lankan consumers.
Abans PLC also known as Abans Group is a Sri Lankan public limited company and a diversified conglomerate in Sri Lanka engaged in ICT, retail, manufacturing, logistics, commercial real estate and financial services. Abans predominantly functions mainly as a consumer retailer selling various electronic appliances, smart phones, laptops, cooking ...
According to the International Monetary Fund, Sri Lanka's GDP in terms of purchasing power parity is second only to the Maldives in the South Asian region in terms of per capita income. As of 2010 [update] , the service sector makes up 60% of GDP, the industrial sector 28%, and the agriculture sector 12%. [ 1 ]