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Even as Sri Lanka pledges to carry out the tax reform sought by the IMF, The Sunday Leader newspaper points out another of the system’s quirks:
Two stretched limousines were recently imported with state duties being sharply reduced because they were classed as … buses.
The logic? The limousines had multiple seats – one seating 18 and the other 13.
Meanwhile, the IMF this week queried the Board of Investment’s (BOI) long-standing strategy for attracting foreign investment: giving tax holidays.
This is what the IMF’s resident representative in Colombo Koshy Mathai told LBO:
"Rather than having the BOI operate as a tax concession generating machine, the idea is now for the BOI to be re-purposed to be an investment facilitating agency."
