Sri Lanka aims to nearly double tax revenue by 2026, says president

COLOMBO: Sri Lanka will attempt to increase tax revenues to 15% of gross domestic product by 2026 from 8.5% now, President Ranil Wickremesinghe said in a nationwide broadcast late on Wednesday.

The increase in taxes is essential to lock down crucial funding from the International Monetary Fund, without which the crisis-ridden nation would not be able access bridge financing from the World Bank and the Asian Development Bank, Wickremesinghe said.

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